First Trust Advisors LP Cuts Stake in Enovix Co. (NASDAQ:ENVX)

First Trust Advisors LP trimmed its holdings in Enovix Co. (NASDAQ:ENVX - Free Report) by 72.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,881 shares of the company's stock after selling 182,497 shares during the period. First Trust Advisors LP's holdings in Enovix were worth $770,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ENVX. Fifth Third Bancorp lifted its holdings in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock worth $27,000 after purchasing an additional 1,000 shares during the last quarter. Sava Infond d.o.o. acquired a new stake in shares of Enovix during the fourth quarter worth $43,000. Hollencrest Capital Management boosted its position in shares of Enovix by 61.4% in the fourth 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. R Squared Ltd bought a new position in Enovix during the fourth quarter worth about $64,000. Finally, Lee Danner & Bass Inc. acquired a new stake in Enovix in the 4th quarter worth about $65,000. 50.92% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This represents a 12.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.70% of the company's stock.

Enovix Price Performance

Shares of Enovix stock traded down $0.02 during midday trading on Wednesday, hitting $7.92. 2,357,901 shares of the company traded hands, compared to its average volume of 6,094,648. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -5.44 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm's fifty day moving average price is $6.95 and its 200-day moving average price is $9.12. Enovix Co. has a 12 month low of $5.27 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million during the quarter, compared to analysts' expectations of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, sell-side analysts forecast that Enovix Co. will post -1.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. B. Riley decreased 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. JPMorgan Chase & Co. dropped their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. TD Securities reduced their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Finally, Craig Hallum cut their price objective on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus 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.