Northland Capmk Analysts Decrease Earnings Estimates for Enovix Co. (NASDAQ:ENVX)

2 months ago MarketBeat

Enovix Co. (NASDAQ:ENVX - Get Rating) - Equities researchers at Northland Capmk dropped their Q1 2023 earnings per share (EPS) estimates for shares of Enovix in a research report issued to clients and investors on Wednesday, January 18th. Northland Capmk analyst G. Richard now forecasts that the company will post earnings of ($0.24) per share for the quarter, down from their previous forecast of ($0.23). The consensus estimate for Enovix's current full-year earnings is ($0.77) per share. Northland Capmk also issued estimates for Enovix's Q2 2023 earnings at ($0.24) EPS, Q3 2023 earnings at ($0.26) EPS, Q4 2023 earnings at ($0.24) EPS and FY2023 earnings at ($0.96) EPS.

Enovix (NASDAQ:ENVX - Get Rating) last announced its quarterly earnings data on Tuesday, November 1st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.55 million.

Other equities analysts have also issued research reports about the company. EF Hutton Acquisition Co. I started coverage on Enovix in a research note on Friday, October 28th. They issued a "buy" rating and a $25.00 price target on the stock. Canaccord Genuity Group started coverage on Enovix in a research note on Wednesday, January 11th. They issued a "buy" rating and a $20.00 price target on the stock. Cowen decreased their price target on Enovix from $36.00 to $25.00 in a research note on Wednesday, November 2nd. Cantor Fitzgerald started coverage on Enovix in a research note on Wednesday, September 28th. They issued an "overweight" rating and a $25.00 price target on the stock. Finally, Janney Montgomery Scott started coverage on Enovix in a research note on Friday, November 4th. They issued a "buy" rating and a $23.00 price target on the stock. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $30.00.

Enovix Stock Performance


Shares of ENVX opened at $7.73 on Friday. Enovix has a 52-week low of $6.50 and a 52-week high of $26.30. The business's fifty day moving average is $11.13 and its 200-day moving average is $14.79. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -5.26 and a beta of 1.45.

Insider Buying and Selling

In related news, CEO Harrold J. Rust sold 2,000 shares of the business's stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $18.77, for a total transaction of $37,540.00. Following the sale, the chief executive officer now owns 1,365,531 shares in the company, valued at approximately $25,631,016.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Enovix news, insider Gardner Cameron Dales sold 30,000 shares of the company's stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $18.55, for a total value of $556,500.00. Following the sale, the insider now owns 899,565 shares in the company, valued at approximately $16,686,930.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Harrold J. Rust sold 2,000 shares of the company's stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $18.77, for a total value of $37,540.00. Following the completion of the sale, the chief executive officer now owns 1,365,531 shares in the company, valued at approximately $25,631,016.87. The disclosure for this sale can be found here. Insiders have sold 41,000 shares of company stock worth $740,870 in the last 90 days. Insiders own 20.60% of the company's stock.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently made changes to their positions in the stock. Credit Suisse AG grew its position in shares of Enovix by 1.1% in the 2nd quarter. Credit Suisse AG now owns 55,808 shares of the company's stock valued at $498,000 after buying an additional 603 shares during the last quarter. Arizona State Retirement System grew its position in shares of Enovix by 8.0% in the 2nd quarter. Arizona State Retirement System now owns 19,083 shares of the company's stock valued at $170,000 after buying an additional 1,415 shares during the last quarter. Macquarie Group Ltd. bought a new stake in shares of Enovix in the 3rd quarter valued at about $26,000. Fort Sheridan Advisors LLC grew its position in shares of Enovix by 9.6% in the 3rd quarter. Fort Sheridan Advisors LLC now owns 21,396 shares of the company's stock valued at $392,000 after buying an additional 1,875 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of Enovix by 7.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 26,670 shares of the company's stock valued at $237,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 55.62% of the company's stock.

Enovix Company Profile

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Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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