Enovix Co. (NASDAQ:ENVX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Enovix Co. (NASDAQ:ENVX) by 29.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,251 shares of the company’s stock after selling 5,828 shares during the period. Principal Financial Group Inc.’s holdings in Enovix were worth $133,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its position in shares of Enovix by 8.5% during the first quarter. ProShare Advisors LLC now owns 24,915 shares of the company’s stock valued at $200,000 after acquiring an additional 1,960 shares during the last quarter. Vanguard Group Inc. increased its holdings in Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Enovix by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 79,919 shares of the company’s stock valued at $641,000 after purchasing an additional 5,030 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in Enovix during the first quarter worth $85,000. Finally, Adalta Capital Management LLC boosted its position in shares of Enovix by 18.1% during the first quarter. Adalta Capital Management LLC now owns 54,231 shares of the company’s stock worth $434,000 after buying an additional 8,320 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ENVX. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Thursday, October 31st. Oppenheimer reissued an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Craig Hallum boosted their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Up 1.1 %

ENVX opened at $9.53 on Tuesday. The stock has a market capitalization of $1.70 billion, a P/E ratio of -5.92 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The business’s 50-day simple moving average is $10.00 and its 200-day simple moving average is $11.31.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period last year, the firm posted ($0.27) earnings per share. Analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 15.70% of the stock is currently owned by insiders.

Enovix Company Profile

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.