Enovix Co. (NASDAQ:ENVX) Receives $18.33 Consensus Price Target from Analysts

Shares of Enovix Co. (NASDAQ:ENVX - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $18.33.

A number of equities research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. William Blair reaffirmed an "outperform" rating on shares of Enovix in a research report on Thursday, May 2nd. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. B. Riley dropped their price target on shares of Enovix from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, April 30th. Finally, Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 2nd.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the business's stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company's stock, valued at approximately $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. bought a new stake in shares of Enovix in the 1st quarter worth approximately $85,000. Avenir Corp raised its holdings in shares of Enovix by 12.2% in the 1st quarter. Avenir Corp now owns 28,730 shares of the company's stock worth $230,000 after purchasing an additional 3,135 shares in the last quarter. Masters Capital Management LLC raised its holdings in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company's stock worth $10,814,000 after purchasing an additional 50,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Enovix by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 79,919 shares of the company's stock worth $641,000 after purchasing an additional 5,030 shares in the last quarter. Finally, Seven Eight Capital LP raised its holdings in shares of Enovix by 161.5% in the 1st quarter. Seven Eight Capital LP now owns 204,018 shares of the company's stock worth $1,634,000 after purchasing an additional 125,990 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Price Performance

Shares of NASDAQ ENVX traded down $0.15 during trading on Thursday, reaching $9.19. The company had a trading volume of 2,260,323 shares, compared to its average volume of 4,974,852. Enovix has a twelve month low of $5.70 and a twelve month high of $23.90. The stock has a market capitalization of $1.56 billion, a PE ratio of -6.97 and a beta of 1.70. The stock has a 50-day moving average price of $7.80 and a two-hundred day moving average price of $9.97. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX - Get Free Report) last announced 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). The business had revenue of $7.38 million during the quarter, compared to analysts' expectations of $3.37 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. As a group, sell-side analysts predict that Enovix will post -1.15 earnings per share for the current year.

About Enovix

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.