Cantor Fitzgerald Equities Analysts Decrease Earnings Estimates for Enovix Co. (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX – Get Rating) – Equities researchers at Cantor Fitzgerald lowered their FY2023 EPS estimates for Enovix in a report issued on Monday, May 22nd. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of ($1.16) for the year, down from their prior estimate of ($1.14). Cantor Fitzgerald has a “Overweight” rating and a $25.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.22) per share.

ENVX has been the subject of a number of other reports. Piper Sandler raised their price target on shares of Enovix from $22.50 to $25.00 and gave the company an “overweight” rating in a report on Thursday, February 23rd. JPMorgan Chase & Co. raised their price objective on shares of Enovix from $16.00 to $18.00 in a report on Thursday, April 20th. EF Hutton Acquisition Co. I reissued a “buy” rating and set a $18.00 price objective on shares of Enovix in a report on Wednesday, March 29th. Craig Hallum decreased their price objective on shares of Enovix from $23.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 23rd. Finally, Robert W. Baird raised their price objective on shares of Enovix from $64.00 to $67.00 in a report on Friday, May 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, Enovix currently has an average rating of “Buy” and an average price target of $31.08.

Enovix Trading Down 1.2 %

Shares of ENVX stock opened at $11.99 on Wednesday. The company’s fifty day simple moving average is $12.47 and its 200-day simple moving average is $11.01. Enovix has a 52 week low of $6.50 and a 52 week high of $26.30. The company has a market cap of $1.90 billion, a PE ratio of -8.27 and a beta of 1.18.

Enovix (NASDAQ:ENVX – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.17). Enovix had a negative return on equity of 43.30% and a negative net margin of 2,698.57%. The company had revenue of $1.09 million for the quarter, compared to analysts’ expectations of $0.91 million.

Insiders Place Their Bets

In related news, Director Betsy S. Atkins sold 5,000 shares of the stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $12.36, for a total transaction of $61,800.00. Following the completion of the sale, the director now directly owns 192,561 shares of the company’s stock, valued at $2,380,053.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Thurman J. Rodgers bought 65,134 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was bought at an average cost of $9.56 per share, for a total transaction of $622,681.04. Following the completion of the acquisition, the director now directly owns 465,134 shares in the company, valued at approximately $4,446,681.04. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Betsy S. Atkins sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $12.36, for a total transaction of $61,800.00. Following the sale, the director now owns 192,561 shares in the company, valued at approximately $2,380,053.96. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 179,590 shares of company stock worth $1,868,554. 20.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Endurance Wealth Management Inc. acquired a new position in shares of Enovix in the 4th quarter valued at about $25,000. Belpointe Asset Management LLC acquired a new position in shares of Enovix in the 4th quarter valued at about $25,000. Macquarie Group Ltd. acquired a new position in shares of Enovix in the 3rd quarter valued at about $26,000. Quantbot Technologies LP acquired a new position in shares of Enovix in the 2nd quarter valued at about $26,000. Finally, Capital Advisors Inc. OK acquired a new position in shares of Enovix in the 1st quarter valued at about $40,000. 55.62% of the stock is currently owned by hedge funds and other institutional investors.

About Enovix

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