Brokerages Set Enovix Co. (NASDAQ:ENVX) Price Target at $21.33

Enovix Co. (NASDAQ:ENVX) has been assigned a consensus rating of “Buy” from the ten research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $21.33.

Several equities research analysts have recently issued reports on the stock. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, August 1st. Benchmark initiated coverage on shares of Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. Canaccord Genuity Group raised their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Craig Hallum upped their price objective on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ENVX. Arizona State Retirement System grew its holdings in shares of Enovix by 2.3% during the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after buying an additional 905 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. raised its holdings in shares of Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after purchasing an additional 1,434 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC boosted its holdings in Enovix by 9.7% during the second quarter. Kohmann Bosshard Financial Services LLC now owns 17,000 shares of the company’s stock worth $263,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Up 0.2 %

Shares of NASDAQ ENVX opened at $11.45 on Friday. The business has a 50 day simple moving average of $9.98 and a 200 day simple moving average of $10.88. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -8.54 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 (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, research analysts predict that Enovix will post -1.21 earnings per share for the current fiscal year.

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.