Fifth Third Bancorp Buys 1,000 Shares of Enovix Co. (NASDAQ:ENVX)

Fifth Third Bancorp grew its stake in shares of Enovix Co. (NASDAQ:ENVX) by 66.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,500 shares of the company’s stock after buying an additional 1,000 shares during the period. Fifth Third Bancorp’s holdings in Enovix were worth $27,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fred Alger Management LLC boosted its stake in shares of Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after purchasing an additional 565,698 shares during the period. Sora Investors LLC grew its holdings in Enovix by 75.0% in the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock worth $4,904,000 after acquiring an additional 225,000 shares during the last quarter. Barclays PLC increased its position 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 during the period. Geode Capital Management LLC raised its stake in shares of Enovix by 5.4% during the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after acquiring an additional 182,757 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Enovix in the second quarter worth about $1,867,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction that occurred 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 directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is owned by insiders.

Enovix Stock Down 1.8 %

ENVX stock opened at $11.84 on Tuesday. 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 business has a 50 day moving average of $10.63 and a 200 day moving average of $10.52. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The firm has a market cap of $2.11 billion, a PE ratio of -7.35 and a beta of 1.87.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

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.