Enovix (ENVX) Set to Announce Earnings on Tuesday

Enovix (NASDAQ:ENVX) will be posting its quarterly earnings results after the market closes on Tuesday, October 29th. Analysts expect Enovix to post earnings of ($0.20) per share for the quarter. Enovix has set its Q3 guidance at $(0.23)-(0.17) EPS and its Q3 2024 guidance at -0.360–0.300 EPS.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. On average, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Trading Up 0.1 %

NASDAQ:ENVX opened at $11.46 on Tuesday. The stock’s 50 day moving average price is $10.01 and its 200 day moving average price is $10.92. Enovix has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a market capitalization of $2.02 billion, a P/E ratio of -7.16 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Canaccord Genuity Group increased their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Benchmark assumed coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, TD Cowen increased their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Enovix currently has an average rating of “Buy” and an average target price of $21.33.

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.