Mirae Asset Global Investments Co. Ltd. Lowers Holdings in Enovix Co. (NASDAQ:ENVX)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in Enovix Co. (NASDAQ:ENVX) by 95.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,758 shares of the company’s stock after selling 1,285,312 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Enovix were worth $773,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in Enovix during the third quarter valued at approximately $31,000. Beacon Capital Management LLC raised its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares during the period. Carmel Capital Partners LLC bought a new position in shares of Enovix during the third quarter valued at approximately $34,000. Cidel Asset Management Inc. bought a new position in shares of Enovix during the third quarter valued at approximately $131,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Enovix during the third quarter valued at approximately $133,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ENVX has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, February 21st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $30.00.

Enovix Stock Performance

Shares of ENVX opened at $6.02 on Thursday. Enovix Co. has a 12 month low of $5.80 and a 12 month high of $23.90. The stock has a fifty day moving average price of $8.42 and a 200-day moving average price of $10.16. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. The firm has a market cap of $1.01 billion, a PE ratio of -3.93 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million for the quarter, compared to analysts’ expectations of $3.37 million. Equities research analysts predict that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.30% of the stock is currently owned by company insiders.

About Enovix

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.