FY2025 EPS Estimates for Enovix Raised by Cantor Fitzgerald

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) - Equities research analysts at Cantor Fitzgerald boosted their FY2025 earnings per share (EPS) estimates for Enovix in a report released on Monday, August 4th. Cantor Fitzgerald analyst D. Soderberg now expects that the company will post earnings per share of ($0.82) for the year, up from their previous forecast 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.

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

ENVX has been the topic of a number of other research reports. TD Securities cut their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Benchmark upped their price objective on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wall Street Zen cut Enovix from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. restated a "neutral" rating and set a $12.00 target price (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Finally, Canaccord Genuity Group increased their price target on shares of Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Enovix currently has an average rating of "Hold" and an average price target of $18.90.

Enovix Trading Down 2.0%

ENVX stock traded down $0.22 during midday trading on Wednesday, reaching $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 business's 50-day simple moving average is $11.30 and its 200-day simple moving average is $9.38. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. Enovix has a 52 week low of $5.27 and a 52 week high of $16.49. The stock has a market cap of $2.12 billion, a PE ratio of -12.83 and a beta of 2.11.

Enovix announced that its board has initiated a stock buyback plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the business. Kingstone Capital Partners Texas LLC bought a new position in Enovix in the second quarter valued at approximately $13,206,000. Fred Alger Management LLC raised its holdings in shares of Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after acquiring an additional 1,250,300 shares during the period. Electron Capital Partners LLC lifted its position in Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. CenterBook Partners LP lifted its position in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after acquiring an additional 721,309 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Enovix by 65.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Company Profile

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.