First Trust Advisors LP Cuts Stake in Enovix Co. (NASDAQ:ENVX)

First Trust Advisors LP lessened its stake in Enovix Co. (NASDAQ:ENVX) by 72.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 70,881 shares of the company’s stock after selling 182,497 shares during the quarter. First Trust Advisors LP’s holdings in Enovix were worth $770,000 at the end of the most recent reporting period.

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

Enovix Stock Performance

ENVX stock opened at $6.48 on Friday. Enovix Co. has a twelve month low of $5.27 and a twelve month high of $18.68. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -4.47 and a beta of 1.99. The business’s fifty day simple moving average is $7.02 and its two-hundred day simple moving average is $9.20. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Craig Hallum cut 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 issued a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Benchmark lowered their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. TD Securities reduced their price objective on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. lowered their price objective on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average target price of $17.27.

Enovix 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.