Enovix Co. (NASDAQ:ENVX) Receives Average Recommendation of “Buy” from Brokerages

by · The Cerbat Gem

Shares of Enovix Co. (NASDAQ:ENVX – Get Free Report) have been given a consensus recommendation of “Buy” by the ten research firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $21.33.

A number of brokerages recently commented on ENVX. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. TD Cowen raised their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Craig Hallum upped their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st.

Read Our Latest Report on ENVX

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC boosted its holdings in shares of Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Enovix by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after acquiring an additional 513,508 shares in the last quarter. Old West Investment Management LLC lifted its holdings in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after acquiring an additional 269,371 shares during the last quarter. Finally, PBMares Wealth Management LLC boosted its stake in shares of Enovix by 382.2% in the 1st quarter. PBMares Wealth Management LLC now owns 217,000 shares of the company’s stock valued at $1,738,000 after purchasing an additional 172,000 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Up 3.1 %

Shares of NASDAQ ENVX opened at $11.43 on Friday. The stock has a fifty day simple moving average of $9.97 and a two-hundred day simple moving average of $10.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68.

Enovix (NASDAQ:ENVX – Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Sell-side analysts expect that Enovix will post -1.21 EPS for the current fiscal year.

About Enovix

(Get Free Report

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.

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