Cantor Fitzgerald Weighs in on Enovix FY2025 Earnings

Key Points

• Cantor Fitzgerald has raised its FY2025 earnings per share (EPS) estimate for Enovix from (0.90) to (0.82), indicating improved financial outlook for the company.
• Enovix reported a quarterly EPS of (0.13), surpassing the consensus estimate of (0.15) by $0.02, and saw a revenue increase of 98.2% year-over-year.
• The company has initiated a stock buyback program authorizing up to $60 million in shares, reflecting management's belief that the stock is undervalued.

Enovix Corporation (NASDAQ:ENVX - Free Report) - Cantor Fitzgerald raised their FY2025 earnings per share estimates for shares of Enovix in a note issued to investors on Monday, August 4th. Cantor Fitzgerald analyst D. Soderberg now forecasts that the company will earn ($0.82) per share for the year, up from their previous estimate of ($0.90). The consensus estimate for Enovix's current full-year earnings is ($1.01) per share. Cantor Fitzgerald also issued estimates for Enovix's FY2026 earnings at ($0.91) EPS.

ENVX has been the topic of several other research reports. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a research report on Sunday. B. Riley restated a "buy" rating and set a $17.00 price target (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. JPMorgan Chase & Co. restated a "neutral" rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Finally, Canaccord Genuity Group raised their price target on Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.90.

Enovix Trading Down 2.0%

Enovix stock traded down $0.22 during mid-day trading on Wednesday, hitting $10.78. The company's stock had a trading volume of 4,598,117 shares, compared to its average volume of 9,962,930. The company has a 50 day moving average of $11.30 and a 200-day moving average of $9.37. The stock has a market cap of $2.12 billion, a PE ratio of -12.83 and a beta of 2.11. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. Enovix has a one year low of $5.27 and a one year high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The company had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. During the same quarter in the prior year, the firm posted ($0.14) EPS. Enovix's quarterly revenue was up 98.2% compared to the same quarter last year.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in ENVX. Sei Investments Co. acquired a new stake in Enovix in the fourth quarter worth about $154,000. LPL Financial LLC boosted its holdings in Enovix by 7.9% in the fourth quarter. LPL Financial LLC now owns 309,359 shares of the company's stock worth $3,363,000 after acquiring an additional 22,569 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Enovix by 25.3% in the fourth quarter. Franklin Resources Inc. now owns 99,721 shares of the company's stock worth $1,084,000 after acquiring an additional 20,162 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Enovix by 4.6% in the fourth quarter. Wells Fargo & Company MN now owns 922,783 shares of the company's stock worth $10,031,000 after acquiring an additional 40,420 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix announced that its Board of Directors has authorized a stock repurchase program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

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.