Enovix Co. (NASDAQ:ENVX) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in Enovix Co. (NASDAQ:ENVX - Free Report) by 80.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 115,844 shares of the company's stock after purchasing an additional 51,690 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.07% of Enovix worth $1,259,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ENVX. Wedbush Securities Inc. grew its holdings in Enovix by 21.0% in the fourth quarter. Wedbush Securities Inc. now owns 25,950 shares of the company's stock worth $282,000 after purchasing an additional 4,500 shares during the last quarter. Perennial Investment Advisors LLC grew its stake in Enovix by 4.0% during the 4th quarter. Perennial Investment Advisors LLC now owns 211,604 shares of the company's stock worth $2,300,000 after buying an additional 8,048 shares during the last quarter. Wells Fargo & Company MN increased its position in Enovix by 4.6% during the 4th quarter. Wells Fargo & Company MN now owns 922,783 shares of the company's stock valued at $10,031,000 after buying an additional 40,420 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Enovix in the fourth quarter valued at about $243,000. Finally, Geode Capital Management LLC boosted its holdings in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after acquiring an additional 235,142 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Securities lowered their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday. Benchmark lowered their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. B. Riley cut their target price on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. JPMorgan Chase & Co. dropped their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday. Finally, Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $17.27.

Insiders Place Their Bets

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Enovix Price Performance

Shares of Enovix stock traded down $0.18 on Monday, reaching $6.17. The company's stock had a trading volume of 857,459 shares, compared to its average volume of 6,101,698. 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 capitalization of $1.18 billion, a P/E ratio of -4.23 and a beta of 1.98. The stock has a 50-day moving average price of $7.24 and a 200-day moving average price of $9.32. Enovix Co. has a 52-week low of $5.27 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Analysts expect that Enovix Co. will post -1.01 EPS for the current year.

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.