Cantor Fitzgerald Comments on Enovix Co.'s FY2024 Earnings (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX - Free Report) - Research analysts at Cantor Fitzgerald lowered their FY2024 earnings estimates for shares of Enovix in a report released on Thursday, April 25th. Cantor Fitzgerald analyst D. Soderberg now forecasts that the company will post earnings per share of ($1.19) for the year, down from their prior estimate of ($1.18). Cantor Fitzgerald currently has a "Overweight" rating and a $30.00 target price on the stock. The consensus estimate for Enovix's current full-year earnings is ($1.13) per share.

ENVX has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $12.00 and set an "overweight" rating on the stock in a research report on Friday. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.43.

Enovix Stock Up 0.5 %

Enovix stock traded up $0.03 during midday trading on Monday, hitting $6.49. 5,280,244 shares of the company were exchanged, compared to its average volume of 4,417,842. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The company's fifty day moving average price is $8.07 and its 200-day moving average price is $10.07. The company has a market cap of $1.09 billion, a PE ratio of -4.24 and a beta of 1.62.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The company had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million.

Hedge Funds Weigh In On Enovix

Several large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC raised its holdings in shares of Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company's stock worth $621,000 after purchasing an additional 910 shares during the period. Beacon Capital Management LLC lifted its holdings in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company's stock worth $31,000 after acquiring an additional 1,000 shares during the last quarter. Amalgamated Bank boosted its stake in Enovix by 5.9% in the third quarter. Amalgamated Bank now owns 20,827 shares of the company's stock valued at $261,000 after acquiring an additional 1,154 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Enovix by 10.5% during the third quarter. Victory Capital Management Inc. now owns 14,253 shares of the company's stock valued at $179,000 after purchasing an additional 1,351 shares during the last quarter. Finally, Insight Advisors LLC PA raised its position in shares of Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company's stock worth $555,000 after purchasing an additional 1,370 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Insider Activity

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 17.30% of the company's stock.

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.