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

Cantor Fitzgerald reissued 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 target price on the stock. Cantor Fitzgerald also issued estimates for Enovix’s FY2024 earnings at ($1.17) EPS.

ENVX has been the subject of a number of other reports. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Canaccord Genuity Group raised their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday. Craig Hallum lifted their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Up 0.3 %

NASDAQ ENVX opened at $9.04 on Wednesday. The company has a market capitalization of $1.61 billion, a P/E ratio of -5.61 and a beta of 1.99. The stock has a 50 day moving average price of $10.03 and a 200-day moving average price of $11.10. Enovix has a one year low of $5.70 and a one year high of $18.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.84 and a current ratio of 3.77.

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. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period last year, the company earned ($0.27) earnings per share. As a group, equities analysts predict that Enovix will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

Large investors have recently modified their holdings of the business. One Wealth Advisors LLC purchased a new stake in shares of Enovix during the third quarter worth about $700,000. Vanguard Group Inc. grew its stake in shares of Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC grew its stake in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Scientech Research LLC purchased a new stake in shares of Enovix during the second quarter worth about $834,000. Finally, Wealth Effects LLC grew its stake in shares of Enovix by 55.6% during the second quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock worth $3,540,000 after acquiring an additional 81,801 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.