Enovix (ENVX) Set to Announce Earnings on Wednesday

Enovix (NASDAQ:ENVX) will post its quarterly earnings results after the market closes on Wednesday, May 1st. Analysts expect Enovix to post 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.Individual interested in listening to the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS 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 analyst estimates of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. 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 0.8 %

Shares of ENVX stock opened at $6.03 on Wednesday. Enovix has a 52 week low of $5.80 and a 52 week high of $23.90. 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 50 day moving average of $8.53 and a 200-day moving average of $10.19.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ENVX shares. 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is available through 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.