Charles Schwab Investment Management Inc. grew its position in Enovix Co. (NASDAQ:ENVX - Free Report) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,229,052 shares of the company's stock after purchasing an additional 73,320 shares during the period. Charles Schwab Investment Management Inc. owned about 0.69% of Enovix worth $11,479,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ENVX. Blue Trust Inc. raised its stake in Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company's stock worth $29,000 after buying an additional 957 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix during the second quarter worth $39,000. Prospera Private Wealth LLC bought a new stake in shares of Enovix in the third quarter valued at about $27,000. Emfo LLC acquired a new position in shares of Enovix during the second quarter worth about $93,000. Finally, Headlands Technologies LLC bought a new position in shares of Enovix during the second quarter worth about $97,000. 50.92% of the stock is owned by institutional investors.
Enovix Stock Performance
Shares of ENVX stock traded down $0.53 during trading on Tuesday, reaching $9.33. 2,576,490 shares of the company's stock were exchanged, compared to its average volume of 5,564,301. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The firm's fifty day moving average price is $10.13 and its 200-day moving average price is $11.31. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.66 billion, a PE ratio of -5.89 and a beta of 1.94.
Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period in the previous year, the company earned ($0.27) earnings per share. As a group, sell-side analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.
Insider Buying and Selling at Enovix
In other news, Director Betsy S. Atkins sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company's stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares of the company's stock, valued at approximately $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.70% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Janney Montgomery Scott lowered shares of Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target on the stock. in a research note on Thursday, October 31st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Finally, Oppenheimer reissued an "outperform" rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.
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About Enovix
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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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