HB Wealth Management LLC Raises Stock Holdings in Enovix Co. (NASDAQ:ENVX)

HB Wealth Management LLC increased its stake in shares of Enovix Co. (NASDAQ:ENVX) by 63.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,628 shares of the company’s stock after purchasing an additional 6,426 shares during the quarter. HB Wealth Management LLC’s holdings in Enovix were worth $181,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in ENVX. Prospera Private Wealth LLC purchased a new stake in Enovix in the 3rd quarter worth approximately $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix during the second quarter worth $39,000. Voisard Asset Management Group Inc. grew its position in shares of Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the period. Quest Partners LLC increased its stake in Enovix by 318.5% in the third 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. Finally, Secure Asset Management LLC purchased a new position in Enovix during the third quarter worth about $97,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Up 1.7 %

NASDAQ:ENVX opened at $12.32 on Friday. The stock has a fifty day simple moving average of $10.30 and a 200 day simple moving average of $10.81. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -7.65 and a beta of 1.86. Enovix Co. has a 1-year low of $5.70 and a 1-year 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.

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, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the business earned ($0.27) earnings per share. Sell-side analysts forecast that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were 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 of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 15.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ENVX. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. dropped 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. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned 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 an average target price of $20.50.

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.