Enovix (NASDAQ:ENVX) Issues Earnings Results

Enovix (NASDAQ:ENVX) released its quarterly earnings results on Tuesday. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03, Briefing.com reports. The business had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same period last year, the business posted ($0.27) earnings per share. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Stock Down 1.4 %

Shares of Enovix stock opened at $10.48 on Thursday. The company has a market cap of $1.85 billion, a P/E ratio of -6.51 and a beta of 1.98. The firm has a fifty day moving average of $10.08 and a two-hundred day moving average of $11.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix has a one year low of $5.70 and a one year high of $18.68.

Insider Transactions at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ENVX. Canaccord Genuity Group raised their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday. TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Oppenheimer reiterated an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.67.

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.