Enovix Corporation (NASDAQ:ENVX) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Consensus "Hold": Nine brokerages covering Enovix give a consensus Hold rating (1 sell, 3 hold, 5 buy) with an average 1-year price target of $17.50.
• Shares trade near the low end of their range (opened $6.41; 52-week low/high $5.27/$16.49) and the company remains unprofitable (negative P/E and margins), though revenue rose 86% year-over-year and last quarter's EPS of ($0.14) beat estimates.
• Institutional investors own about 50.92% of the stock, with Vanguard and other large funds meaningfully increasing their positions during recent quarters.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) have been given a consensus recommendation of "Hold" by the nine brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $17.50.

Several equities analysts recently weighed in on ENVX shares. Canaccord Genuity Group decreased their target price on shares of Enovix from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, November 6th. Northland Securities set a $16.00 price objective on shares of Enovix in a research report on Monday, November 17th. Oppenheimer set a $24.00 target price on shares of Enovix in a report on Thursday, November 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Enovix in a research note on Monday, December 29th. Finally, Cantor Fitzgerald reduced their price target on Enovix from $30.00 to $25.00 and set an "overweight" rating for the company in a report on Thursday, November 6th.

Enovix Price Performance

NASDAQ:ENVX opened at $6.41 on Thursday. The stock's 50-day simple moving average is $7.85 and its 200 day simple moving average is $9.69. Enovix has a 52-week low of $5.27 and a 52-week high of $16.49. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The company has a market cap of $1.38 billion, a P/E ratio of -7.91 and a beta of 2.13.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.02. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%.The firm had revenue of $7.99 million during the quarter, compared to the consensus estimate of $7.94 million. During the same period last year, the company earned ($0.17) earnings per share. The business's revenue was up 86.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Enovix will post -1.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovix

A number of large investors have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. boosted its holdings in shares of Enovix by 10.9% during the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company's stock worth $129,831,000 after acquiring an additional 1,747,145 shares during the period. Millennium Management LLC lifted its holdings in Enovix by 1,038.9% during the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company's stock worth $14,724,000 after purchasing an additional 1,347,200 shares during the last quarter. Two Sigma Investments LP lifted its holdings in Enovix by 9,197.1% during the 3rd quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company's stock worth $11,974,000 after purchasing an additional 1,188,079 shares during the last quarter. Electron Capital Partners LLC boosted its stake in Enovix by 13.8% in the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company's stock valued at $80,143,000 after purchasing an additional 972,103 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Enovix by 1,852.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 835,553 shares of the company's stock valued at $8,330,000 after buying an additional 792,757 shares in the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Company Profile

Enovix Corporation NASDAQ: ENVX develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.

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