Bridgefront Capital LLC Purchases New Position in Enovix Co. (NASDAQ:ENVX)

Bridgefront Capital LLC acquired a new position in shares of Enovix Co. (NASDAQ:ENVX - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 46,608 shares of the company's stock, valued at approximately $507,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ENVX. Fifth Third Bancorp grew its stake in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock worth $27,000 after buying an additional 1,000 shares in the last quarter. Coppell Advisory Solutions LLC bought a new stake in Enovix during the fourth quarter worth approximately $27,000. Sava Infond d.o.o. purchased a new stake in Enovix during the fourth quarter valued at approximately $43,000. Hollencrest Capital Management boosted its holdings in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares during the period. Finally, R Squared Ltd bought a new position in shares of Enovix during the 4th quarter valued at approximately $64,000. 50.92% of the stock is currently owned by institutional investors.

Enovix Stock Up 1.7 %

ENVX stock traded up $0.11 during trading on Friday, reaching $6.59. 4,075,403 shares of the company traded hands, compared to its average volume of 6,074,323. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -4.54 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business has a 50 day simple moving average of $6.98 and a 200 day simple moving average of $9.16. Enovix Co. has a 12 month low of $5.27 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to analysts' expectations of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. On average, equities research analysts anticipate that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 15.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on ENVX. TD Securities dropped their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Benchmark reduced their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, B. Riley reduced their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $17.27.

Enovix Company Profile

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.