Hodges Capital Management Inc. purchased a new stake in Enovix Co. (NASDAQ:ENVX - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 56,500 shares of the company's stock, valued at approximately $528,000.
Other institutional investors have also made changes to their positions in the company. Arizona State Retirement System raised its holdings in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company's stock worth $620,000 after purchasing an additional 905 shares during the last quarter. Blue Trust Inc. raised its holdings 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 purchasing an additional 957 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company's stock worth $202,000 after purchasing an additional 1,367 shares during the last quarter. Clear Creek Financial Management LLC raised its holdings in Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company's stock worth $450,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company's stock worth $310,000 after purchasing an additional 1,434 shares during the last quarter. 50.92% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on ENVX. Oppenheimer reissued an "outperform" rating and set a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. JPMorgan Chase & Co. lowered their price target on Enovix from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Tuesday, October 22nd. Benchmark reaffirmed a "buy" rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott cut Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Enovix has an average rating of "Moderate Buy" and an average price target of $20.50.
Check Out Our Latest Report on ENVX
Enovix Stock Up 3.1 %
Shares of ENVX traded up $0.30 on Monday, hitting $9.86. The company's stock had a trading volume of 5,031,987 shares, compared to its average volume of 5,577,085. 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 firm's fifty day moving average price is $10.13 and its 200-day moving average price is $11.31. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -6.12 and a beta of 1.94.
Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results 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. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the firm posted ($0.27) EPS. On average, equities research analysts expect that Enovix Co. will post -1.17 EPS for the current year.
Insiders Place Their Bets
In other news, Director Betsy S. Atkins sold 75,000 shares of the 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 completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders own 15.70% of the company's stock.
Enovix 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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