Enovix (ENVX) Set to Announce Earnings on Wednesday

Enovix (NASDAQ:ENVX) will issue its quarterly earnings data after the market closes on Wednesday, May 1st. Analysts expect the company to announce earnings of ($0.34) per share for the quarter. Enovix has set its Q1 guidance at $(0.35)-$(0.29) EPS and its Q1 2024 guidance at -0.350–0.290 EPS.Persons that wish to register for the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last announced its 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). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The firm had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. On average, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Stock Up 0.5 %

ENVX opened at $6.49 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90. The business has a fifty day simple moving average of $8.07 and a 200-day simple moving average of $10.07.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction that occurred 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 in the company, valued at $7,155,854.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Canaccord Genuity Group restated a “buy” rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.43.

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.