Enovix Corporation (NASDAQ:ENVX) Shares Sold by P.A.W. Capital Corp

P.A.W. Capital Corp cut its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 40.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,000 shares of the company's stock after selling 40,000 shares during the period. Enovix makes up 1.1% of P.A.W. Capital Corp's portfolio, making the stock its 17th largest position. P.A.W. Capital Corp's holdings in Enovix were worth $440,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ENVX. Coppell Advisory Solutions LLC purchased a new position in shares of Enovix in the fourth quarter valued at about $27,000. Sava Infond d.o.o. purchased a new position in shares of Enovix in the fourth quarter valued at about $43,000. Parallel Advisors LLC increased its position in shares of 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 increased its position in shares of Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after buying an additional 2,000 shares during the period. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Enovix during the fourth quarter valued at about $65,000. 50.92% of the stock is owned by institutional investors.

Enovix Price Performance

Shares of NASDAQ:ENVX traded up $0.26 during midday trading on Friday, hitting $11.38. The company's stock had a trading volume of 4,929,856 shares, compared to its average volume of 5,820,685. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The company has a market cap of $2.18 billion, a P/E ratio of -8.82 and a beta of 2.09. The business's 50 day simple moving average is $8.07 and its 200 day simple moving average is $8.92. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $18.68.

Enovix declared that its board has authorized a stock repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. B. Riley lowered their price objective 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. TD Securities lowered their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, Benchmark lowered their price objective 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. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.