Enovix Co. (NASDAQ:ENVX) Expected to Earn FY2024 Earnings of ($1.19) Per Share

Enovix Co. (NASDAQ:ENVX) – Equities researchers at Cantor Fitzgerald reduced their FY2024 EPS estimates for Enovix in a research report issued on Thursday, April 25th. Cantor Fitzgerald analyst D. Soderberg now forecasts that the company will earn ($1.19) per share for the year, down from their previous forecast of ($1.18). Cantor Fitzgerald has a “Overweight” rating and a $30.00 price target on the stock. The consensus estimate for Enovix’s current full-year earnings is ($1.13) per share.

Several other research analysts have also recently commented on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.43.

Enovix Trading Up 0.5 %

NASDAQ:ENVX opened at $6.49 on Monday. The stock has a fifty day simple moving average of $8.07 and a 200 day simple moving average of $10.07. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -4.24 and a beta of 1.62. Enovix has a 1-year low of $5.70 and a 1-year high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%.

Hedge Funds Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Enovix during the third quarter worth $31,000. Beacon Capital Management LLC increased its holdings in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the last quarter. Carmel Capital Partners LLC bought a new position in shares of Enovix in the 3rd quarter valued at approximately $34,000. Able Wealth Management LLC acquired a new stake in Enovix in the 4th quarter worth approximately $34,000. Finally, Quest Partners LLC bought a new stake in Enovix during the fourth quarter worth approximately $49,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 17.30% 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.