Enovix's (ENVX) Overweight Rating Reaffirmed at Cantor Fitzgerald

Enovix (NASDAQ:ENVX - Get Free Report)'s stock had its "overweight" rating restated by equities research analysts at Cantor Fitzgerald in a note issued to investors on Thursday, Benzinga reports. They presently have a $30.00 target price on the stock. Cantor Fitzgerald's price target indicates a potential upside of 413.70% from the company's previous close.

Separately, Canaccord Genuity Group reissued a "buy" rating and set a $17.00 price objective on shares of Enovix in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Enovix Trading Down 3.0 %

Shares of ENVX stock traded down $0.18 during mid-day trading on Thursday, hitting $5.84. The company's stock had a trading volume of 3,694,860 shares, compared to its average volume of 4,402,090. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90. The company has a market cap of $984.04 million, a PE ratio of -3.82 and a beta of 1.62. The company's fifty day simple moving average is $8.30 and its 200-day simple moving average is $10.13. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its earnings results 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 net margin of 2,800.51% and a negative return on equity of 77.74%. The firm had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. As a group, equities research analysts expect that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the business's stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 17.30% of the company's stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Electron Capital Partners LLC lifted its stake in Enovix by 188.0% in the third quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company's stock valued at $33,871,000 after purchasing an additional 1,761,834 shares during the last quarter. Vanguard Group Inc. lifted its stake in Enovix by 9.5% in the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company's stock valued at $155,814,000 after purchasing an additional 1,072,508 shares during the last quarter. Wellington Management Group LLP purchased a new position in Enovix in the third quarter valued at approximately $7,290,000. Sora Investors LLC purchased a new position in Enovix in the third quarter valued at approximately $3,765,000. Finally, tru Independence LLC purchased a new position in Enovix in the third quarter valued at approximately $3,745,000. Hedge funds and other institutional investors own 50.92% 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.