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Summary

  • Enovix is a silicon-anode lithium-ion battery producer and it recently announced the completion of its second quarter target two weeks in advance.
  • Analysts maintained their ratings on ENVX and their price target on the stock also remained the same post this release.
  • Enovix posted a revenue of US$ 21,000 for the quarter ended April 2, 2023.

Enovix Corp (NASDAQ: ENVX), a producer of silicon-anode lithium-ion batteries, recently announced the completion of its Q2 2023 forecast of 18,000 units produced in its Fab1 site in Freemont. The target was achieved with over two weeks left in the quarter. Thus, the company expects its quarterly results to exceed its guidance.

Enovix released this announcement on June 15, 2023, following which, analysts reviewed their rating on ENVX. Most analysts maintained their ratings on ENVX and their price target on the stock also remained the same.

The mean recommendation rating on ENVX is 1.8 on a scale of one to five. The stock is a ‘Strong Buy’ as per three analysts, while nine analysts believe it is a ‘Buy’. The consensus mean price target on the stock is US$ 29.36, which is 94.18% higher than its closing price on Friday, June 16, 2023.

ENVX Price Chart; Image Source: EODHD/Others

The ENVX stock closed at US$ 15.12 on June 16, 2023. The stock hit its 52-week high of US$ 26.3 on September 15, 2022.

Are analysts bullish on ENVX?

Enovix received a ‘Buy’ rating from Janney Montgomery Scott as per data available on EODHD/Others. The broker has a price target of US$ 19 on the stock. Meanwhile, Cowen and Company also maintained its ‘Outperform’ rating on the stock, post the release of the company’s latest target achievement. Cowen and Company’s price target on the stock is US$ 19, as on June 20, 2023.

Among other brokers, B Riley Securities retained a ‘Buy’ rating on ENVX and a price target of US$ 18. This is an upside potential of 19.05% on the stock’s closing price on Friday, June 16, 2023. EF Hutton and Loop Capital also gave the stock a ‘Buy’ rating.

Image source: ©2023 Kalkine®; Data source: ENVX EODHD/Others

At the same time, Oppenheimer & Co. maintained an ‘Outperform’ rating on ENVX, with a price target of US$ 36.

Enovix’s Financial Results for Q1 2023

On April 26, 2023, Enovix released its financial results for the quarter ended April 2, 2023. In the release, Enovix posted a revenue of US$ 21,000. Meanwhile, there was a net loss of US$ 73.6 million for the quarter, against a net income of US$ 42.7 million for the same quarter in the previous year.

Enovix’s total assets amounted to US$ 410.6 million during Q1 2023. The cash and cash equivalents during the period were US$ 293.87 million, as against US$ 408.3 million for the quarter ended April 3, 2022.

Enovix’s EBITDA for Q1 2023 was negative US$ 70.005 million, against a positive EBITDA of US$ 43.15 million. Weeks after reporting a drop in earnings, Enovix announced that it expects to produce 180,000 cells for customers from Fab1 location for the full-year 2023