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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Enovix (NASDAQ:ENVX) in a report published on Thursday,Benzinga reports. The firm currently has a $30.00 price target on the stock.

A number of other research firms have also recently weighed in on ENVX. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Enovix Stock Up 2.5 %

Shares of NASDAQ ENVX opened at $11.47 on Thursday. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The company has a 50 day simple moving average of $11.11 and a two-hundred day simple moving average of $10.30. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. As a group, research analysts expect that Enovix will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC raised its stake in Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after purchasing an additional 29,109 shares during the period. Geode Capital Management LLC boosted its holdings in Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after purchasing an additional 235,142 shares during the last quarter. Royal Bank of Canada boosted its holdings in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after purchasing an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC grew its stake in shares of Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after buying an additional 1,250,300 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.