Enovix’s (ENVX) “Overweight” Rating Reiterated at Cantor Fitzgerald

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reaffirmed by equities researchers at Cantor Fitzgerald in a research note issued on Thursday, Benzinga reports. They presently have a $30.00 price objective on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 419.03% from the stock’s current price.

Separately, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Enovix Stock Down 4.0 %

Shares of ENVX traded down $0.24 during mid-day trading on Thursday, reaching $5.78. 609,189 shares of the stock traded hands, compared to its average volume of 4,361,447. The firm has a market cap of $973.93 million, a price-to-earnings ratio of -3.76 and a beta of 1.62. The stock has a fifty day simple moving average of $8.42 and a 200 day simple moving average of $10.16. Enovix has a 12-month low of $5.74 and a 12-month high of $23.90. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. Sell-side analysts expect that Enovix will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.30% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

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