Sanctuary Advisors LLC Cuts Position in Enovix Co. (NASDAQ:ENVX)

Sanctuary Advisors LLC trimmed its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 3.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 160,758 shares of the company’s stock after selling 4,945 shares during the period. Sanctuary Advisors LLC owned approximately 0.09% of Enovix worth $1,747,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ENVX. Prospera Private Wealth LLC purchased a new position in Enovix during the third quarter valued at $27,000. Fifth Third Bancorp increased its holdings in shares of Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares in the last quarter. R Squared Ltd purchased a new position in shares of Enovix in the 4th quarter worth about $64,000. Voisard Asset Management Group Inc. boosted its stake in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Quest Partners LLC grew its position in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after purchasing an additional 6,294 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

Enovix Stock Down 8.4 %

Enovix stock opened at $9.82 on Tuesday. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The stock has a fifty day moving average of $11.17 and a 200 day moving average of $10.28. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a market cap of $1.75 billion, a PE ratio of -6.77 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million during the quarter, compared to analyst estimates 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 predict that Enovix Co. will post -1.01 EPS for the current year.

Insiders Place Their Bets

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % 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. Insiders own 15.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Finally, Craig Hallum reduced their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.30.

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.