Envestnet Asset Management Inc. Lowers Stock Holdings in Enovix Corporation $ENVX

Envestnet Asset Management Inc. lowered its position in shares of Enovix Corporation (NASDAQ:ENVX) by 20.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,841 shares of the company’s stock after selling 35,737 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Enovix worth $1,477,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Kingstone Capital Partners Texas LLC purchased a new position in shares of Enovix during the 2nd quarter valued at $13,206,000. Driehaus Capital Management LLC grew its position in Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock worth $17,055,000 after buying an additional 41,559 shares in the last quarter. L & S Advisors Inc increased its stake in Enovix by 50.6% in the 1st quarter. L & S Advisors Inc now owns 191,975 shares of the company’s stock worth $1,409,000 after acquiring an additional 64,471 shares during the last quarter. Blair William & Co. IL increased its stake in Enovix by 18.2% in the 1st quarter. Blair William & Co. IL now owns 308,795 shares of the company’s stock worth $2,267,000 after acquiring an additional 47,477 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Enovix in the 1st quarter valued at about $3,030,000. Institutional investors own 50.92% of the company’s stock.

Enovix Trading Up 1.6%

ENVX stock opened at $7.62 on Thursday. The company has a market capitalization of $1.64 billion, a PE ratio of -9.41 and a beta of 2.09. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. Enovix Corporation has a one year low of $5.27 and a one year high of $16.49. The company’s 50 day moving average price is $10.62 and its two-hundred day moving average price is $10.31.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The business had revenue of $7.47 million for the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. As a group, analysts predict that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on ENVX shares. Cantor Fitzgerald cut their price objective on Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, November 6th. Canaccord Genuity Group cut their price target on shares of Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Northland Securities set a $16.00 price target on shares of Enovix in a report on Monday. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Finally, Benchmark upped their target price on shares of Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.50.

Insider Activity at Enovix

In other news, COO Ajay Marathe sold 120,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the sale, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. The trade was a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 14.10% of the company’s stock.

About Enovix

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.