Perennial Investment Advisors LLC Purchases 122,278 Shares of Enovix Corporation $ENVX

Key Points

• Perennial Investment Advisors LLC boosted its position in Enovix by 50.2%, buying 122,278 shares to hold 366,100 shares (about 0.19% of the company) valued at $3.785 million at the end of the quarter.
• Enovix reported a quarterly loss of ($0.13) EPS with a negative ROE of 61.78% and a net margin of -525.93%, generating $7.47 million in revenue while its stock trades around $7.45 and the market cap is about $1.61 billion.
• Analysts are mixed — the consensus rating is a Hold with a $17.50 average price target amid wide-ranging forecasts, and notable insider activity includes the COO selling 120,000 shares; insiders own ~14.1% and institutions ~50.9% of the stock.

Perennial Investment Advisors LLC raised its position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 50.2% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 366,100 shares of the company's stock after purchasing an additional 122,278 shares during the quarter. Perennial Investment Advisors LLC owned 0.19% of Enovix worth $3,785,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Stone House Investment Management LLC purchased a new position in Enovix in the 1st quarter worth approximately $37,000. AMG National Trust Bank bought a new stake in shares of Enovix in the 1st quarter worth $75,000. Integrity Alliance LLC. purchased a new position in shares of Enovix in the first quarter worth $98,000. Ieq Capital LLC bought a new position in shares of Enovix during the first quarter valued at $104,000. Finally, Calamos Wealth Management LLC purchased a new stake in shares of Enovix during the second quarter valued at $104,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Price Performance

Shares of Enovix stock opened at $7.45 on Tuesday. The stock has a market cap of $1.61 billion, a P/E ratio of -9.20 and a beta of 2.09. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The stock's fifty day moving average is $10.68 and its 200 day moving average is $10.32. Enovix Corporation has a one year low of $5.27 and a one year high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%.The company had revenue of $7.47 million during the quarter. Sell-side analysts anticipate that Enovix Corporation will post -1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ENVX shares. Canaccord Genuity Group decreased their target price on Enovix from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, November 6th. Oppenheimer set a $24.00 price objective on shares of Enovix in a research report on Thursday, November 6th. Wall Street Zen lowered shares of Enovix from a "hold" rating to a "sell" rating in a research note on Saturday, September 6th. Cantor Fitzgerald dropped their price target on Enovix from $30.00 to $25.00 and set an "overweight" rating on the stock in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. reduced their price objective on Enovix from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Wednesday, November 12th. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Enovix has an average rating of "Hold" and a consensus price target of $17.50.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total value of $1,441,200.00. Following the completion of the sale, the chief operating officer directly owned 1,027,259 shares of the company's stock, valued at $12,337,380.59. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.10% of the stock is owned by corporate insiders.

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.

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