Enovix (NASDAQ:ENVX) Issues Quarterly Earnings Results

Enovix (NASDAQ:ENVX) posted its quarterly earnings results on Tuesday. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03, Briefing.com reports. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 96.23%. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the previous year, the company posted ($0.27) EPS. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Stock Performance

Enovix stock traded up $0.16 on Friday, reaching $9.17. 5,179,740 shares of the stock were exchanged, compared to its average volume of 5,621,274. The firm has a fifty day moving average price of $10.06 and a two-hundred day moving average price of $11.05. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.62 billion, a PE ratio of -5.84 and a beta of 1.98.

Analyst Ratings Changes

ENVX has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Craig Hallum lifted their price objective on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Canaccord Genuity Group lifted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 15.70% of the company’s stock.

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.