Fmr LLC Decreases Stake in Enovix Co. (NASDAQ:ENVX)

Fmr LLC lessened its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 69.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,008 shares of the company’s stock after selling 27,480 shares during the quarter. Fmr LLC’s holdings in Enovix were worth $112,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Nwam LLC purchased a new stake in Enovix during the third quarter worth approximately $98,000. Meridian Wealth Management LLC purchased a new stake in Enovix during the 3rd quarter worth $1,066,000. Charles Schwab Investment Management Inc. grew its stake in shares of Enovix by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after buying an additional 73,320 shares in the last quarter. L & S Advisors Inc grew its position in Enovix by 3.0% in the third quarter. L & S Advisors Inc now owns 114,075 shares of the company’s stock valued at $1,065,000 after acquiring an additional 3,376 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Enovix in the 3rd quarter worth $394,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Analyst Ratings Changes

ENVX has been the topic of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price target 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 equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Enovix has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Enovix Trading Up 21.2 %

Shares of NASDAQ:ENVX opened at $9.73 on Monday. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. The company’s 50-day moving average price is $9.68 and its 200 day moving average price is $11.19.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data 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. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same period in the prior year, the company posted ($0.27) EPS. Sell-side analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current year.

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.