Enovix (NASDAQ:ENVX – Get Free Report) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of -0.210–0.150 for the period, compared to the consensus estimate of -0.200. The company issued revenue guidance of $8.0 million-$10.0 million, compared to the consensus revenue estimate of $7.4 million. Enovix also updated its Q4 guidance to ($0.21)-($0.15) EPS.
Wall Street Analyst Weigh In
A number of research analysts have commented on the company. Benchmark started coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. TD Cowen increased their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Piper Sandler restated an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix presently has a consensus rating of “Buy” and an average price target of $21.67.
Get Our Latest Stock Analysis on ENVX
Enovix Price Performance
Enovix (NASDAQ:ENVX – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. During the same period in the previous year, the business posted ($0.27) EPS. As a group, sell-side analysts anticipate that Enovix will post -1.2 earnings per share for the current year.
Insider Activity
In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated 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 directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade 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 available through this link. 15.70% of the stock is currently owned by corporate insiders.
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.
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