Benchmark Reaffirms “Buy” Rating for Enovix (NASDAQ:ENVX)

Benchmark restated their buy rating on shares of Enovix (NASDAQ:ENVX) in a report published on Wednesday, Benzinga reports. Benchmark currently has a $25.00 price target on the stock.

Several other brokerages have also issued reports on ENVX. Canaccord Genuity Group upped their target price 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. Piper Sandler restated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. TD Cowen upped their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Craig Hallum lifted their target price 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

NASDAQ ENVX opened at $9.04 on Wednesday. The company’s 50 day moving average is $10.03 and its 200-day moving average is $11.07. The company has a quick ratio of 3.84, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The firm has a market cap of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the business posted ($0.27) earnings per share. Sell-side analysts predict that Enovix will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was 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 owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its position in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares during the period. Blue Trust Inc. lifted its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the period. Voisard Asset Management Group Inc. grew its position in Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the period. Clear Creek Financial Management LLC grew its stake in shares of Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after purchasing an additional 1,400 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after purchasing an additional 1,434 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

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.