Enovix Co. (NASDAQ:ENVX) Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC lowered its holdings in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 88.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 23,776 shares of the company's stock after selling 178,262 shares during the period. NewEdge Advisors LLC's holdings in Enovix were worth $258,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ENVX. XTX Topco Ltd bought a new stake in Enovix in the 4th quarter worth $343,000. Mariner LLC increased its holdings in Enovix by 46.0% during the 4th quarter. Mariner LLC now owns 51,902 shares of the company's stock valued at $564,000 after purchasing an additional 16,356 shares during the period. Reynders McVeigh Capital Management LLC raised its position in Enovix by 12.9% during the 4th quarter. Reynders McVeigh Capital Management LLC now owns 220,493 shares of the company's stock valued at $2,397,000 after purchasing an additional 25,131 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Enovix by 19.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 17,206 shares of the company's stock worth $187,000 after buying an additional 2,851 shares during the period. Finally, Rockefeller Capital Management L.P. grew its position in shares of Enovix by 107.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 45,000 shares of the company's stock worth $489,000 after buying an additional 23,344 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. TD Securities lowered their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. B. Riley decreased their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Craig Hallum lowered 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 equities 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.27.

Insider Activity at Enovix

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

Enovix Stock Performance

ENVX stock traded up $0.08 during trading on Wednesday, reaching $6.17. The company had a trading volume of 651,302 shares, compared to its average volume of 6,064,220. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix Co. has a twelve month low of $5.27 and a twelve month high of $18.68. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -4.25 and a beta of 1.99. The firm has a 50-day simple moving average of $7.11 and a 200-day simple moving average of $9.26.

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

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.