Able Wealth Management LLC Invests $34,000 in Enovix Co. (NASDAQ:ENVX)

Able Wealth Management LLC purchased a new stake in shares of Enovix Co. (NASDAQ:ENVX) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,700 shares of the company’s stock, valued at approximately $34,000.

Several other institutional investors have also recently bought and sold shares of the business. Beacon Capital Management LLC increased its position in shares of Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares in the last quarter. Quest Partners LLC bought a new stake in Enovix during the 4th quarter worth approximately $49,000. Voisard Asset Management Group Inc. bought a new position in shares of Enovix in the fourth quarter valued at approximately $50,000. Tower Research Capital LLC TRC boosted its position in shares of Enovix by 106.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,866 shares of the company’s stock valued at $111,000 after buying an additional 4,569 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Enovix during the third quarter worth $133,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ENVX. Craig Hallum dropped their price objective on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. William Blair reiterated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Finally, B. Riley decreased their price target on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.33.

Enovix Trading Down 5.4 %

NASDAQ:ENVX opened at $12.20 on Friday. The firm’s 50 day moving average is $9.03 and its 200 day moving average is $10.01. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $23.90. The stock has a market capitalization of $2.07 billion, a PE ratio of -9.10 and a beta of 1.95. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The firm had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. Sell-side analysts expect that Enovix Co. will post -1.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 17.30% of the company’s stock.

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.