$350,000.00 in Sales Expected for Enovix Co. (NASDAQ:ENVX) This Quarter

Wall Street analysts expect that Enovix Co. (NASDAQ:ENVXGet Rating) will report $350,000.00 in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Enovix’s earnings, with the highest sales estimate coming in at $500,000.00 and the lowest estimate coming in at $200,000.00. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Enovix will report full-year sales of $8.80 million for the current fiscal year, with estimates ranging from $8.60 million to $9.00 million. For the next financial year, analysts forecast that the firm will report sales of $100.39 million, with estimates ranging from $50.00 million to $131.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Enovix.

Enovix (NASDAQ:ENVXGet Rating) last announced its quarterly earnings results on Wednesday, May 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03).

Several brokerages recently weighed in on ENVX. Craig Hallum reduced their price target on shares of Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, March 4th. Zacks Investment Research lowered shares of Enovix from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $29.33.

In other news, CEO Harrold J. Rust bought 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The shares were purchased at an average price of $14.50 per share, for a total transaction of $50,750.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Daniel Mccranie bought 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The stock was purchased at an average price of $14.57 per share, for a total transaction of $291,400.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 123,500 shares of company stock worth $1,242,150.

Several large investors have recently made changes to their positions in ENVX. Moody Lynn & Lieberson LLC purchased a new position in shares of Enovix during the 4th quarter valued at approximately $770,000. Essex Investment Management Co. LLC raised its stake in Enovix by 68.8% in the 4th quarter. Essex Investment Management Co. LLC now owns 163,944 shares of the company’s stock valued at $4,472,000 after purchasing an additional 66,823 shares during the last quarter. CAPROCK Group Inc. acquired a new position in Enovix in the 1st quarter valued at $305,000. Frontier Capital Management Co. LLC acquired a new position in Enovix in the 1st quarter valued at $6,680,000. Finally, Octavia Wealth Advisors LLC acquired a new position in Enovix in the 1st quarter valued at $193,000. Hedge funds and other institutional investors own 56.82% of the company’s stock.

Enovix stock opened at $12.10 on Thursday. The firm’s 50 day moving average price is $10.99 and its 200-day moving average price is $17.85. Enovix has a 1 year low of $7.26 and a 1 year high of $39.48. The stock has a market cap of $1.90 billion, a P/E ratio of -11.52 and a beta of 1.98.

About Enovix (Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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