Canaccord Genuity Group Reiterates “Buy” Rating for Enovix (NASDAQ:ENVX)

Canaccord Genuity Group reaffirmed their buy rating on shares of Enovix (NASDAQ:ENVX) in a research note released on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a $17.00 target price on the stock.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a report on Friday, April 26th. William Blair reissued an outperform rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald reissued an overweight rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. Craig Hallum reduced their price objective on shares of Enovix from $20.00 to $15.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Finally, B. Riley upgraded shares of Enovix to a strong-buy rating in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $18.33.

Enovix Stock Down 1.5 %

ENVX stock opened at $15.46 on Thursday. The company has a market cap of $2.63 billion, a price-to-earnings ratio of -11.54 and a beta of 1.95. The firm has a 50-day moving average of $10.35 and a two-hundred day moving average of $10.12. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. As a group, analysts forecast that Enovix will post -1.15 earnings per share for the current fiscal year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The disclosure for this sale can be found here. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the period. Oppenheimer & Co. Inc. grew its holdings in shares of Enovix by 68.7% during the fourth quarter. Oppenheimer & Co. Inc. now owns 150,620 shares of the company’s stock worth $1,886,000 after buying an additional 61,327 shares during the last quarter. Victory Capital Management Inc. increased its position in Enovix by 29.3% in the 4th quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock valued at $231,000 after acquiring an additional 4,170 shares during the period. Udine Wealth Management Inc. purchased a new stake in Enovix during the 4th quarter valued at approximately $1,687,000. Finally, Electron Capital Partners LLC raised its stake in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.