William Blair Reaffirms Outperform Rating for Enovix (NASDAQ:ENVX)

William Blair reissued their outperform rating on shares of Enovix (NASDAQ:ENVX) in a research note published on Thursday, RTT News reports.

Several other research firms also recently commented on ENVX. Cantor Fitzgerald reaffirmed an overweight rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. Canaccord Genuity Group restated a buy rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. B. Riley decreased their target price on shares of Enovix from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday, April 30th. Finally, JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $12.00 and set an overweight rating on the stock in a research note on Friday, April 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $25.29.

Enovix Trading Up 6.5 %

Shares of ENVX stock traded up $0.62 during trading hours on Thursday, hitting $10.09. 11,963,656 shares of the company were exchanged, compared to its average volume of 5,634,649. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The company has a 50 day simple moving average of $7.88 and a two-hundred day simple moving average of $10.01. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 83.66%. On average, research analysts forecast that Enovix will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Enovix during the 3rd quarter worth $31,000. Beacon Capital Management LLC increased its position in shares of Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares in the last quarter. Carmel Capital Partners LLC purchased a new stake in shares of Enovix during the 3rd quarter valued at $34,000. Able Wealth Management LLC purchased a new position in Enovix during the 4th quarter worth $34,000. Finally, Quest Partners LLC acquired a new position in Enovix during the 4th quarter valued at about $49,000. 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.