KLP Kapitalforvaltning AS Purchases New Position in Enovix Co. (NASDAQ:ENVX)

KLP Kapitalforvaltning AS bought a new stake in Enovix Co. (NASDAQ:ENVX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 31,600 shares of the company’s stock, valued at approximately $343,000.

Other large investors also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Enovix in the 4th quarter valued at $3,484,000. Barclays PLC grew its stake in shares of Enovix by 376.9% in the third quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after acquiring an additional 199,166 shares in the last quarter. Amundi increased its position in Enovix by 360.8% during the fourth quarter. Amundi now owns 235,369 shares of the company’s stock worth $2,558,000 after acquiring an additional 184,294 shares during the period. Geode Capital Management LLC raised its stake in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Enovix in the fourth quarter valued at approximately $1,380,000. Institutional investors own 50.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Craig Hallum dropped their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.70% of the stock is currently owned by company insiders.

Enovix Stock Down 4.8 %

ENVX stock opened at $6.31 on Friday. The firm has a 50-day moving average price of $9.46 and a 200-day moving average price of $9.96. Enovix Co. has a 12 month low of $5.69 and a 12 month high of $18.68. 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 stock has a market capitalization of $1.21 billion, a P/E ratio of -4.35 and a beta of 1.98.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to the consensus estimate 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, equities research analysts anticipate that Enovix Co. will post -1.01 EPS for the current fiscal year.

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.