Tidal Investments LLC cut its holdings in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 50.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,438 shares of the company's stock after selling 50,950 shares during the quarter. Tidal Investments LLC's holdings in Enovix were worth $471,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ENVX. Prospera Private Wealth LLC purchased a new stake in Enovix in the third quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new position in Enovix during the 2nd quarter worth about $39,000. Voisard Asset Management Group Inc. boosted its holdings in Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company's stock valued at $65,000 after acquiring an additional 2,000 shares during the period. Quest Partners LLC grew its position in Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company's stock valued at $77,000 after acquiring an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Enovix during the second quarter worth about $97,000. 50.92% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on ENVX shares. Benchmark restated a "buy" rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research 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 objective on the stock. in a report on Thursday, October 31st. Finally, Oppenheimer reissued an "outperform" rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.
Read Our Latest Report on ENVX
Enovix Stock Performance
Shares of Enovix stock traded up $0.07 on Tuesday, hitting $10.08. The stock had a trading volume of 2,354,459 shares, compared to its average volume of 5,621,898. The company's 50 day moving average price is $9.63 and its 200 day moving average price is $11.19. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -6.26 and a beta of 1.94. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68.
Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping 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 102.19%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period last year, the firm posted ($0.27) earnings per share. On average, research analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.
Insider Buying and Selling at Enovix
In other Enovix news, 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 transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director now owns 99,497 shares of the company's stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by company insiders.
About Enovix
(
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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