Enovix (NASDAQ:ENVX) Releases Q4 2024 Earnings Guidance

Enovix (NASDAQ:ENVX) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of -0.210–0.150 for the period, compared to the consensus EPS 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.

Enovix Stock Performance

Enovix stock traded down $0.15 during trading on Wednesday, reaching $10.48. The company had a trading volume of 14,492,454 shares, compared to its average volume of 5,508,364. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The firm’s 50-day simple moving average is $10.08 and its 200 day simple moving average is $11.07. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -6.51 and a beta of 1.98. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the prior year, the business posted ($0.27) EPS. Sell-side analysts forecast that Enovix will post -1.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ENVX. Craig Hallum increased their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Canaccord Genuity Group raised their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday. TD Cowen raised their price objective on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Oppenheimer restated an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $21.67.

Insiders Place Their Bets

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 15.70% of the stock is owned by insiders.

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.