NewEdge Advisors LLC Sells 178,262 Shares of Enovix Co. (NASDAQ:ENVX)

NewEdge Advisors LLC reduced its holdings in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 88.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,776 shares of the company's stock after selling 178,262 shares during the quarter. NewEdge Advisors LLC's holdings in Enovix were worth $258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp increased 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 in the last quarter. Sava Infond d.o.o. purchased a new stake in shares of Enovix during the 4th quarter worth approximately $43,000. Hollencrest Capital Management lifted its stake in 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 purchasing an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in Enovix during the fourth quarter valued at $64,000. Finally, Lee Danner & Bass Inc. bought a new position in Enovix during the fourth quarter valued at $65,000. 50.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of recent research reports. Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. B. Riley reduced their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. JPMorgan Chase & Co. dropped their price target 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. Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research note 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. According to MarketBeat, Enovix has an average rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Trading Up 1.4 %

Shares of NASDAQ ENVX traded up $0.09 during midday trading on Wednesday, reaching $6.18. The company had a trading volume of 3,413,611 shares, compared to its average volume of 6,063,399. The firm's fifty day moving average price is $7.06 and its 200-day moving average price is $9.24. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix Co. has a one year low of $5.27 and a one year high of $18.68. The stock has a market cap of $1.18 billion, a PE ratio of -4.26 and a beta of 1.99.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.01. The business 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%. On average, equities research analysts anticipate that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the sale, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 15.70% of the company's stock.

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.