Cantor Fitzgerald Reiterates Overweight Rating for Enovix (NASDAQ:ENVX)

Cantor Fitzgerald reiterated their overweight rating on shares of Enovix (NASDAQ:ENVX) in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a $30.00 price objective on the stock. Cantor Fitzgerald also issued estimates for Enovix’s FY2024 earnings at ($1.17) EPS.

Several other brokerages have also recently weighed in on ENVX. TD Cowen increased their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Craig Hallum increased their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research note on Wednesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Price Performance

ENVX opened at $9.04 on Wednesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.84 and a current ratio of 3.77. The stock has a market capitalization of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99. The company’s 50-day simple moving average is $10.03 and its two-hundred day simple moving average is $11.10. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the prior year, the business earned ($0.27) EPS. As a group, analysts predict that Enovix will post -1.2 EPS for the current year.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Institutional investors have recently added to or reduced their stakes in the stock. One Wealth Advisors LLC purchased a new stake in Enovix during the 3rd quarter valued at approximately $700,000. Vanguard Group Inc. grew its holdings in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Scientech Research LLC purchased a new stake in Enovix during the 2nd quarter valued at approximately $834,000. Finally, Wealth Effects LLC boosted its position in shares of Enovix by 55.6% during the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after acquiring an additional 81,801 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.