Enovix Co. (NASDAQ:ENVX) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Enovix Co. (NASDAQ:ENVX) have been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $20.30.

ENVX has been the topic of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum dropped their price target on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th.

Enovix Price Performance

ENVX opened at $5.92 on Friday. The stock’s 50 day moving average price is $8.77 and its 200-day moving average price is $9.85. Enovix has a 52-week low of $5.27 and a 52-week high of $18.68. The stock has a market capitalization of $1.13 billion, a PE ratio of -4.08 and a beta of 1.98. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. On average, equities research analysts predict that Enovix will post -1.01 EPS for the current year.

Insider Transactions at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC boosted its position in shares of Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after buying an additional 29,109 shares during the last quarter. Geode Capital Management LLC increased its holdings in Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after buying an additional 235,142 shares in the last quarter. Royal Bank of Canada increased its holdings in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after buying an additional 28,591 shares in the last quarter. Finally, Fred Alger Management LLC raised its position in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after buying an additional 1,250,300 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.