NewEdge Advisors LLC Reduces Holdings in Enovix Co. (NASDAQ:ENVX)

NewEdge Advisors LLC cut its stake in Enovix Co. (NASDAQ:ENVX) by 88.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,776 shares of the company’s stock after selling 178,262 shares during the period. NewEdge Advisors LLC’s holdings in Enovix were worth $258,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Fifth Third Bancorp lifted its holdings in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the last quarter. Sava Infond d.o.o. acquired a new position in Enovix during the fourth quarter worth approximately $43,000. Hollencrest Capital Management lifted its stake in Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Enovix in the fourth quarter valued at approximately $64,000. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Enovix during the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on ENVX shares. JPMorgan Chase & Co. reduced their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. TD Securities dropped their price target on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Thursday. Finally, Benchmark decreased their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.27.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 15.70% of the stock is currently owned by company insiders.

Enovix Trading Down 8.4 %

Shares of ENVX stock opened at $6.14 on Friday. The business’s fifty day moving average price is $7.30 and its 200 day moving average price is $9.38. The firm has a market capitalization of $1.18 billion, a PE ratio of -4.23 and a beta of 1.98. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix Co. has a 1-year low of $5.27 and a 1-year high of $18.68.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, sell-side analysts forecast that Enovix Co. will post -1.01 EPS for the current fiscal year.

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.