Enovix (NASDAQ:ENVX) Releases Q4 2024 Earnings Guidance

Enovix (NASDAQ:ENVX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -0.210–0.150 for the period, compared to the consensus estimate of -0.200. The company issued revenue guidance of $8.0 million-$10.0 million, compared to the consensus revenue estimate of $7.4 million. Enovix also updated its Q4 guidance to ($0.21)-($0.15) EPS.

Enovix Stock Performance

Shares of ENVX traded down $0.78 during mid-day trading on Tuesday, reaching $10.63. 10,947,002 shares of the company’s stock traded hands, compared to its average volume of 5,462,763. The business’s 50-day moving average price is $10.07 and its 200-day moving average price is $11.05. The stock has a market capitalization of $1.87 billion, a P/E ratio of -6.90 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter last year, the business earned ($0.27) earnings per share. Equities analysts predict that Enovix will post -1.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

ENVX has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, August 1st. Canaccord Genuity Group lifted their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Benchmark initiated coverage on shares of Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.67.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 15.70% of the stock is currently owned by corporate insiders.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.