Enovix Co. (NASDAQ:ENVX) Given Average Recommendation of “Buy” by Analysts

Shares of Enovix Co. (NASDAQ:ENVXGet Rating) have been given an average rating of “Buy” by the six analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $33.00.

Several equities analysts recently commented on the company. Craig Hallum dropped their target price on Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Zacks Investment Research downgraded shares of Enovix from a “buy” rating to a “hold” rating in a research report on Wednesday, May 4th.

In related news, Director J Daniel Mccranie bought 20,000 shares of the company’s stock in a transaction dated Tuesday, March 8th. The stock was bought at an average price of $14.57 per share, with a total value of $291,400.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thurman J. Rodgers bought 100,000 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was bought at an average cost of $9.00 per share, with a total value of $900,000.00. Following the transaction, the director now directly owns 400,000 shares in the company, valued at approximately $3,600,000. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 123,500 shares of company stock worth $1,242,150.

Institutional investors have recently bought and sold shares of the business. Electron Capital Partners LLC increased its stake in Enovix by 2.5% in the 1st quarter. Electron Capital Partners LLC now owns 7,066,553 shares of the company’s stock valued at $100,840,000 after buying an additional 170,248 shares during the period. Summit Partners Public Asset Management LLC boosted its holdings in shares of Enovix by 1.2% during the 1st quarter. Summit Partners Public Asset Management LLC now owns 3,582,986 shares of the company’s stock worth $51,129,000 after buying an additional 41,990 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Enovix by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 3,059,143 shares of the company’s stock worth $43,654,000 after buying an additional 157,167 shares during the period. Granahan Investment Management LLC boosted its holdings in shares of Enovix by 1.5% during the 1st quarter. Granahan Investment Management LLC now owns 2,524,087 shares of the company’s stock worth $36,019,000 after buying an additional 37,078 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Enovix by 1.2% during the 1st quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock worth $21,376,000 after buying an additional 18,009 shares during the period. 56.82% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:ENVX opened at $12.89 on Friday. The business has a 50 day simple moving average of $10.96 and a 200-day simple moving average of $17.71. Enovix has a 1 year low of $7.26 and a 1 year high of $39.48. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -12.28 and a beta of 1.90.

Enovix (NASDAQ:ENVXGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.03). On average, analysts expect that Enovix will post -0.63 earnings per share for the current year.

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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Analyst Recommendations for Enovix (NASDAQ:ENVX)

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