Enovix Co. (NASDAQ:ENVX) Receives $21.33 Average Price Target from Analysts

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

Several brokerages recently commented on ENVX. Craig Hallum increased their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Canaccord Genuity Group increased their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, TD Cowen increased their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st.

Enovix Stock Performance

ENVX stock opened at $8.45 on Wednesday. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -6.31 and a beta of 1.99. The firm has a 50-day simple moving average of $11.33 and a two-hundred day simple moving average of $10.52. Enovix has a one year low of $5.70 and a one year high of $18.68. 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 (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The business had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. On average, equities analysts forecast that Enovix will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently made changes to their positions in ENVX. Blue Trust Inc. lifted its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix during the 2nd quarter worth $39,000. Able Wealth Management LLC purchased a new position in shares of Enovix during the 4th quarter worth $34,000. Finally, Quest Partners LLC purchased a new stake in Enovix in the 4th quarter valued at about $49,000. 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.