Financial Enhancement Group LLC acquired a new stake in shares of Enovix Co. (NASDAQ:ENVX - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 100,170 shares of the company's stock, valued at approximately $936,000. Financial Enhancement Group LLC owned 0.06% of Enovix at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Enovix by 1.3% during the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company's stock valued at $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC raised its holdings in shares of Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after buying an additional 1,512,424 shares during the period. Masters Capital Management LLC raised its holdings in shares of Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company's stock worth $10,814,000 after buying an additional 50,000 shares during the period. Old West Investment Management LLC raised its holdings in shares of Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company's stock worth $8,759,000 after buying an additional 102,452 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Enovix by 13.7% in the second quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company's stock worth $8,859,000 after buying an additional 69,098 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
ENVX has been the topic of several recent analyst reports. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Craig Hallum raised their price objective on Enovix from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, August 1st. Piper Sandler restated an "overweight" rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a report on Monday, August 5th. JPMorgan Chase & Co. reduced their price objective on Enovix from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Two investment 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.50.
Read Our Latest Stock Report on ENVX
Enovix Stock Down 1.5 %
Shares of Enovix stock traded down $0.14 during trading on Thursday, reaching $8.94. The company's stock had a trading volume of 4,953,664 shares, compared to its average volume of 5,658,358. 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 company has a market cap of $1.59 billion, a price-to-earnings ratio of -5.68 and a beta of 1.99. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The company has a 50-day simple moving average of $9.95 and a two-hundred day simple moving average of $11.15.
Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to analysts' expectations of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter last year, the firm earned ($0.27) EPS. As a group, equities analysts forecast that Enovix Co. will post -1.17 earnings per share for the current year.
Insider Transactions at Enovix
In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm's stock in a transaction 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 completion of the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 15.70% of the company's stock.
Enovix Company Profile
(
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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