Enovix (NASDAQ:ENVX) Now Covered by Benchmark

Stock analysts at Benchmark began coverage on shares of Enovix (NASDAQ:ENVX) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $25.00 price target on the stock. Benchmark’s price target would indicate a potential upside of 54.32% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, April 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $17.00 target price on shares of Enovix in a research report on Thursday, June 27th. Craig Hallum reduced their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Finally, B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.17.

Enovix Stock Up 6.2 %

Enovix stock opened at $16.20 on Monday. Enovix has a one year low of $5.70 and a one year high of $23.90. The business’s fifty day moving average is $13.29 and its 200 day moving average is $10.52. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The company had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. Equities analysts anticipate that Enovix will post -1.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares during the period. Able Wealth Management LLC purchased a new stake in shares of Enovix during the fourth quarter worth about $34,000. Beacon Capital Management LLC grew its position in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Quest Partners LLC bought a new position in Enovix in the 4th quarter worth approximately $49,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.