Blue Trust Inc. Increases Position in Enovix Co. (NASDAQ:ENVX)

Blue Trust Inc. lifted its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 102.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,894 shares of the company’s stock after buying an additional 957 shares during the quarter. Blue Trust Inc.’s holdings in Enovix were worth $29,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ENVX. Vanguard Group Inc. lifted its position in Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares during the period. Electron Capital Partners LLC lifted its holdings in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after purchasing an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after purchasing an additional 1,376,253 shares during the period. Masters Capital Management LLC grew its position in Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after buying an additional 50,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Enovix by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after buying an additional 55,157 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Analyst Ratings Changes

ENVX has been the topic of a number of recent analyst reports. Canaccord Genuity Group boosted their price target on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Craig Hallum upped their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $19.50.

Enovix Stock Up 3.3 %

ENVX opened at $10.57 on Friday. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The company has a market cap of $1.80 billion, a price-to-earnings ratio of -7.89 and a beta of 2.04. The business’s fifty day moving average is $13.69 and its two-hundred day moving average is $10.74. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Analysts anticipate that Enovix Co. will post -1.21 EPS for the current fiscal year.

Enovix Profile

Enovix Corporation designs, develops, and manufactures 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.