Enovix (NASDAQ:ENVX) Issues Q3 Earnings Guidance

Enovix (NASDAQ:ENVX) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $(0.23)-(0.17) for the period, compared to the consensus EPS estimate of ($0.21). The company issued revenue guidance of $3.50-4.50 million, compared to the consensus revenue estimate of $5.30 million.

Enovix Trading Up 2.2 %

Shares of NASDAQ ENVX traded up $0.31 during trading on Wednesday, reaching $14.41. The stock had a trading volume of 6,864,439 shares, compared to its average volume of 5,346,684. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The company has a market cap of $2.45 billion, a P/E ratio of -10.79 and a beta of 2.04. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $21.59. The business’s 50-day moving average price is $13.76 and its 200-day moving average price is $10.61.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The business had revenue of $5.27 million during the quarter, compared to analyst estimates of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. On average, equities research analysts predict that Enovix will post -1.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on ENVX. Cantor Fitzgerald reissued an overweight rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $12.00 and set an overweight rating for the company in a report on Friday, April 26th. Canaccord Genuity Group restated a buy rating and issued a $17.00 target price on shares of Enovix in a research note on Thursday, June 27th. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $15.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Finally, Benchmark started coverage on shares of Enovix in a research report on Monday, July 22nd. They set a buy rating and a $25.00 price target on the stock. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Buy and an average price target of $19.17.

Insider Buying and Selling

In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 17.30% 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.