Enovix Co. (NASDAQ:ENVX) Expected to Post Earnings of -$0.16 Per Share

Wall Street analysts forecast that Enovix Co. (NASDAQ:ENVX – Get Rating) will announce earnings of ($0.16) per share for the current quarter, according to Zacks. Two analysts have made estimates for Enovix’s earnings. Enovix posted earnings of ($0.21) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 23.8%. The firm is expected to announce its next earnings report on Monday, January 1st.

On average, analysts expect that Enovix will report full-year earnings of ($0.64) per share for the current fiscal year, with EPS estimates ranging from ($0.69) to ($0.58). For the next financial year, analysts expect that the company will report earnings of ($0.62) per share, with EPS estimates ranging from ($0.65) to ($0.58). Zacks’ EPS calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Enovix.

Enovix (NASDAQ:ENVX – Get Rating) last released its quarterly earnings data on Thursday, March 3rd. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.44).

ENVX has been the topic of several recent research reports. Zacks Investment Research lowered Enovix from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Craig Hallum cut their target price on Enovix from $50.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, March 4th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $29.33.

NASDAQ ENVX traded up $0.83 during trading on Tuesday, hitting $9.05. 1,982,729 shares of the company traded hands, compared to its average volume of 1,469,856. Enovix has a 12 month low of $7.26 and a 12 month high of $39.48. The business has a fifty day simple moving average of $11.82 and a 200 day simple moving average of $19.30. The company has a market capitalization of $1.42 billion, a P/E ratio of -8.62 and a beta of 1.98.

In related news, Director J Daniel Mccranie acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The stock was purchased at an average price of $14.57 per share, for a total transaction of $291,400.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Harrold J. Rust acquired 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 8th. The stock was bought at an average price of $14.50 per share, with a total value of $50,750.00. The disclosure for this purchase can be found here.

Several institutional investors have recently modified their holdings of the business. National Bank of Canada FI raised its position in shares of Enovix by 20.8% during the 1st quarter. National Bank of Canada FI now owns 8,040 shares of the company’s stock valued at $114,000 after acquiring an additional 1,385 shares during the last quarter. White Pine Capital LLC raised its position in shares of Enovix by 5.1% during the 1st quarter. White Pine Capital LLC now owns 29,519 shares of the company’s stock valued at $421,000 after acquiring an additional 1,435 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Enovix during the 1st quarter valued at $28,000. Fort Sheridan Advisors LLC raised its position in shares of Enovix by 20.3% during the 1st quarter. Fort Sheridan Advisors LLC now owns 13,909 shares of the company’s stock valued at $198,000 after acquiring an additional 2,348 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its position in shares of Enovix by 31.3% during the 1st quarter. Kestra Advisory Services LLC now owns 12,600 shares of the company’s stock valued at $180,000 after acquiring an additional 3,000 shares during the last quarter. Institutional investors own 56.82% of the company’s stock.

Enovix Company Profile (Get Rating)

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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