Enovix (NASDAQ:ENVX) Updates Q4 2024 Earnings Guidance

by · The Markets Daily

Enovix (NASDAQ:ENVX – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -0.210–0.150 for the period, compared to the consensus estimate of -0.200. The company issued revenue guidance of $8.0 million-$10.0 million, compared to the consensus revenue estimate of $7.4 million. Enovix also updated its Q4 guidance to ($0.21)-($0.15) EPS.

Enovix Stock Up 0.8 %

Shares of Enovix stock traded up $0.07 on Friday, hitting $9.08. 5,705,036 shares of the company traded hands, compared to its average volume of 5,624,463. The company has a market cap of $1.60 billion, a PE ratio of -5.84 and a beta of 1.98. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $10.06 and a 200 day moving average price of $11.05.

Enovix (NASDAQ:ENVX – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 96.23%. The firm had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period in the prior year, the firm earned ($0.27) EPS. Sell-side analysts predict that Enovix will post -1.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday. TD Cowen raised their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday. Finally, Craig Hallum upped their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Get Our Latest Analysis on Enovix

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 15.70% of the company’s stock.

About Enovix

(Get Free Report)

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.

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