Enovix Corporation $ENVX Shares Sold by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers sold 35,072 shares of Enovix Corporation, reducing its stake by 26.2% in the first quarter, leaving it with 99,021 shares valued at $727,000.
• Despite the decline in shares, Enovix reported a revenue increase of 98.2% year-over-year, totaling $7.5 million for the quarter, surpassing analysts' expectations of $5.48 million.
• Enovix's stock received optimistic price target upgrades from several analysts, with a consensus target price of $18.90 and multiple "buy" ratings, indicating a favorable market outlook.

Cetera Investment Advisers lessened its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 26.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,021 shares of the company's stock after selling 35,072 shares during the quarter. Cetera Investment Advisers owned about 0.05% of Enovix worth $727,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Avantax Advisory Services Inc. lifted its position in Enovix by 13.5% during the first quarter. Avantax Advisory Services Inc. now owns 68,284 shares of the company's stock worth $501,000 after buying an additional 8,122 shares during the period. AMG National Trust Bank acquired a new stake in shares of Enovix in the first quarter worth approximately $75,000. Mechanics Financial Corp purchased a new stake in Enovix in the first quarter valued at approximately $147,000. DDD Partners LLC boosted its holdings in shares of Enovix by 5.9% in the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after purchasing an additional 1,764 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Enovix by 26.1% in the 1st quarter. New York State Common Retirement Fund now owns 51,769 shares of the company's stock valued at $380,000 after purchasing an additional 10,700 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

Analyst Ratings Changes

ENVX has been the subject of a number of research analyst reports. Canaccord Genuity Group upped their price objective on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Cowen restated a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Benchmark lifted their price objective on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 price target (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.90.

Enovix Stock Down 5.4%

NASDAQ ENVX traded down $0.55 during mid-day trading on Tuesday, reaching $9.62. 1,993,370 shares of the company's stock traded hands, compared to its average volume of 6,472,583. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. Enovix Corporation has a 1-year low of $5.27 and a 1-year high of $16.49. The company has a fifty day simple moving average of $11.59 and a 200-day simple moving average of $9.30. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -11.56 and a beta of 2.11.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. The business had revenue of $7.50 million during the quarter, compared to the consensus estimate of $5.48 million. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The business's quarterly revenue was up 98.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.14) earnings per share. As a group, equities research analysts expect that Enovix Corporation will post -1.01 EPS for the current year.

Enovix announced that its board has authorized a stock buyback program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.