Raymond James Financial Inc. Makes New Investment in Enovix Co. (NASDAQ:ENVX)

Raymond James Financial Inc. purchased a new stake in shares of Enovix Co. (NASDAQ:ENVX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 320,558 shares of the company's stock, valued at approximately $3,484,000. Raymond James Financial Inc. owned about 0.18% of Enovix at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ENVX. Vanguard Group Inc. increased its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares during the last quarter. Barclays PLC increased its position in shares of Enovix by 376.9% during the third quarter. Barclays PLC now owns 252,012 shares of the company's stock valued at $2,353,000 after acquiring an additional 199,166 shares during the last quarter. Amundi increased its position in shares of Enovix by 360.8% during the fourth quarter. Amundi now owns 235,369 shares of the company's stock valued at $2,558,000 after acquiring an additional 184,294 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Enovix during the fourth quarter valued at approximately $1,380,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Price Performance

Shares of Enovix stock traded down $0.14 during trading on Tuesday, hitting $6.77. 3,655,841 shares of the stock traded hands, compared to its average volume of 6,200,348. 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 cap of $1.29 billion, a price-to-earnings ratio of -4.67 and a beta of 1.98. The firm's fifty day moving average is $7.46 and its 200-day moving average is $9.45. Enovix Co. has a 52 week low of $5.27 and a 52 week high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to analysts' expectations of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Research analysts expect that Enovix Co. will post -1.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Craig Hallum decreased their target price on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. JPMorgan Chase & Co. dropped their price objective on Enovix from $15.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. B. Riley dropped their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday. Benchmark dropped their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating and nine have issued a 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 $18.40.

Insider Activity at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now owns 2,045,301 shares of the company's stock, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is currently owned by company insiders.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.