Rhumbline Advisers Raises Stock Holdings in Enovix Co. (NASDAQ:ENVX)

Rhumbline Advisers boosted its stake in shares of Enovix Co. (NASDAQ:ENVX) by 13.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 221,966 shares of the company’s stock after acquiring an additional 26,724 shares during the quarter. Rhumbline Advisers owned about 0.13% of Enovix worth $3,432,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of ENVX. Blue Trust Inc. grew its holdings in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. Able Wealth Management LLC purchased a new stake in shares of Enovix during the 4th quarter valued at $34,000. Beacon Capital Management LLC grew its position in Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the period. GAMMA Investing LLC increased its position in Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Enovix in the fourth quarter worth $49,000. 50.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ENVX has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. TD Cowen lifted their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and set a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Finally, Benchmark began coverage on Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $21.33.

Enovix Stock Down 5.3 %

NASDAQ ENVX opened at $9.25 on Wednesday. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68. The company’s 50 day simple moving average is $11.89 and its 200 day simple moving average is $10.55. The company has a market capitalization of $1.63 billion, a P/E ratio of -6.90 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. Equities research analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 17.30% of the company’s stock.

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.