Handelsbanken Fonder AB Lowers Holdings in Enovix Co. (NASDAQ:ENVX)

Handelsbanken Fonder AB trimmed its position in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,063,249 shares of the company's stock after selling 248,271 shares during the period. Handelsbanken Fonder AB owned about 0.56% of Enovix worth $7,804,000 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 business. Coppell Advisory Solutions LLC bought a new position in shares of Enovix in the 4th quarter worth about $27,000. Sava Infond d.o.o. bought a new stake in Enovix in the 4th quarter worth approximately $43,000. Parallel Advisors LLC grew its position in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after buying an additional 3,849 shares during the period. Hollencrest Capital Management grew its stake in shares of Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after acquiring an additional 2,000 shares during the period. Finally, Lee Danner & Bass Inc. bought a new position in shares of Enovix in the fourth quarter worth about $65,000. Institutional investors own 50.92% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Benchmark decreased their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. B. Riley cut 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. Finally, TD Securities cut their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Enovix currently has an average rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Stock Performance

Shares of ENVX traded up $0.64 during trading hours on Monday, reaching $8.86. 3,860,171 shares of the company traded hands, compared to its average volume of 5,901,672. 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 fifty day moving average price of $7.24 and a 200-day moving average price of $8.92. The stock has a market capitalization of $1.70 billion, a P/E ratio of -6.11 and a beta of 2.00. Enovix Co. has a 12-month low of $5.27 and a 12-month high of $18.68.

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.