Enovix (NASDAQ:ENVX) Earns Overweight Rating from Cantor Fitzgerald

Enovix (NASDAQ:ENVX)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a research note issued to investors on Thursday, Benzinga reports. They presently have a $30.00 price objective on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 419.03% from the company’s previous close.

Separately, Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Enovix Stock Performance

NASDAQ ENVX traded down $0.24 during trading on Thursday, reaching $5.78. The company’s stock had a trading volume of 609,189 shares, compared to its average volume of 4,361,447. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $973.93 million, a price-to-earnings ratio of -3.76 and a beta of 1.62. Enovix has a 12 month low of $5.74 and a 12 month high of $23.90. The firm has a 50 day moving average price of $8.42 and a 200 day moving average price of $10.16.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The firm had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. As a group, equities analysts anticipate that Enovix will post -1.13 EPS for the current fiscal year.

Insider Transactions at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the SEC, which is available at this link. 17.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Effects LLC lifted its stake in shares of Enovix by 44.7% in the first quarter. Wealth Effects LLC now owns 147,200 shares of the company’s stock valued at $1,179,000 after buying an additional 45,450 shares in the last quarter. Refined Wealth Management lifted its stake in shares of Enovix by 42.5% in the first quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock valued at $3,675,000 after buying an additional 136,758 shares in the last quarter. tru Independence LLC lifted its stake in shares of Enovix by 0.6% in the first quarter. tru Independence LLC now owns 303,435 shares of the company’s stock valued at $2,431,000 after buying an additional 1,712 shares in the last quarter. Udine Wealth Management Inc. lifted its stake in shares of Enovix by 1.9% in the first quarter. Udine Wealth Management Inc. now owns 137,314 shares of the company’s stock valued at $1,100,000 after buying an additional 2,601 shares in the last quarter. Finally, Register Financial Advisors LLC lifted its stake in shares of Enovix by 40.4% in the first quarter. Register Financial Advisors LLC now owns 63,900 shares of the company’s stock valued at $512,000 after buying an additional 18,400 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

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.