Intech Investment Management LLC Buys Shares of 42,153 Enovix Co. (NASDAQ:ENVX)

Intech Investment Management LLC bought a new stake in Enovix Co. (NASDAQ:ENVX) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 42,153 shares of the company’s stock, valued at approximately $394,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the period. Old West Investment Management LLC raised its stake in shares of Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after acquiring an additional 102,452 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Enovix by 13.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after purchasing an additional 69,098 shares during the last quarter. Refined Wealth Management boosted its holdings in Enovix by 13.0% in the second quarter. Refined Wealth Management now owns 518,633 shares of the company’s stock valued at $8,018,000 after purchasing an additional 59,841 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Enovix by 52.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after purchasing an additional 93,303 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 15.70% of the company’s stock.

Analysts Set New Price Targets

ENVX has been the topic of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Trading Down 3.1 %

Shares of NASDAQ ENVX opened at $9.89 on Wednesday. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The business has a 50-day moving average price of $10.08 and a two-hundred day moving average price of $11.32. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.76 billion, a PE ratio of -6.14 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the company posted ($0.27) EPS. As a group, analysts predict that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Enovix 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.