Old West Investment Management LLC trimmed its position in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 780,564 shares of the company's stock after selling 157,274 shares during the quarter. Enovix comprises about 3.4% of Old West Investment Management LLC's investment portfolio, making the stock its 11th largest holding. Old West Investment Management LLC owned approximately 0.44% of Enovix worth $8,485,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the company. Fifth Third Bancorp boosted its stake in Enovix by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock valued at $27,000 after acquiring an additional 1,000 shares in the last quarter. Sava Infond d.o.o. purchased a new position in Enovix during the 4th quarter worth $43,000. Hollencrest Capital Management raised 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 buying an additional 2,000 shares during the last quarter. R Squared Ltd acquired a new stake in Enovix in the fourth quarter worth about $64,000. Finally, Lee Danner & Bass Inc. purchased a new stake in shares of Enovix during the fourth quarter worth about $65,000. 50.92% of the stock is currently owned by institutional investors.
Enovix Price Performance
NASDAQ:ENVX traded down $0.78 during trading hours on Thursday, hitting $5.87. 5,276,218 shares of the stock were exchanged, compared to its average volume of 6,207,466. The firm's fifty day moving average price is $8.89 and its 200 day moving average price is $9.87. Enovix Co. has a 52-week low of $5.27 and a 52-week high of $18.68. The company has a market cap of $1.12 billion, a P/E ratio of -4.02 and a beta of 1.98. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.
Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. The company had revenue of $9.72 million for 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, equities research analysts anticipate that Enovix Co. will post -1.01 EPS for the current fiscal year.
Analysts Set New Price Targets
Several analysts have weighed in on ENVX shares. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.30.
View Our Latest Analysis on Enovix
Insiders Place Their Bets
In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix 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 owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 15.70% of the company's stock.
About Enovix
(
Free Report)
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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