Enovix Co. (NASDAQ:ENVX) Position Trimmed by Handelsbanken Fonder AB

Handelsbanken Fonder AB decreased its holdings in Enovix Co. (NASDAQ:ENVX - Free Report) by 18.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ENVX. Coppell Advisory Solutions LLC purchased a new position in shares of Enovix in the fourth quarter worth $27,000. Sava Infond d.o.o. acquired a new stake in Enovix during the 4th quarter worth about $43,000. Hollencrest Capital Management lifted its position in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after acquiring an additional 2,000 shares during the period. Lee Danner & Bass Inc. purchased a new stake in Enovix during the 4th quarter valued at about $65,000. Finally, Parallel Advisors LLC increased its holdings in shares of Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Enovix Stock Down 5.0%

Shares of Enovix stock traded down $0.43 on Friday, hitting $8.22. 4,012,937 shares of the company's stock traded hands, compared to its average volume of 5,899,345. 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 firm's 50-day moving average is $7.11 and its 200 day moving average is $8.93. The stock has a market cap of $1.58 billion, a P/E ratio of -5.67 and a beta of 2.00. Enovix Co. has a 52-week low of $5.27 and a 52-week high of $18.68.

Wall Street Analysts Forecast Growth

ENVX has been the subject of several recent research reports. JPMorgan Chase & Co. cut their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Benchmark dropped their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. TD Securities decreased their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.27.

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.