Enovix (ENVX) Set to Announce Earnings on Wednesday

Enovix (NASDAQ:ENVX) will be releasing its earnings data 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 participating in the company’s earnings conference call can do so using this link.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. On average, analysts expect Enovix to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Enovix Stock Performance

Shares of ENVX opened at $6.49 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. Enovix has a 12 month low of $5.70 and a 12 month high of $23.90. The company’s fifty day moving average is $8.07 and its 200-day moving average is $10.07.

Analyst Ratings Changes

ENVX has been the topic of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.43.

Insider Activity

In related news, COO Ajay Marathe sold 4,954 shares of the business’s stock in a transaction dated 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 $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.30% of the stock is owned by company insiders.

Enovix Company Profile

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.