Enovix (NASDAQ:ENVX) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Enovix (NASDAQ:ENVX) posted its earnings results on Tuesday. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03, Briefing.com reports. The firm had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 96.23% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the company earned ($0.27) EPS. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Stock Up 1.6 %

NASDAQ ENVX traded up $0.14 on Friday, reaching $9.15. The company had a trading volume of 4,739,153 shares, compared to its average volume of 5,619,907. The firm has a 50-day moving average of $10.06 and a 200-day moving average of $11.05. The firm has a market capitalization of $1.61 billion, a PE ratio of -5.84 and a beta of 1.98. Enovix has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Wednesday. 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 raised 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 Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.50.

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.