Wedbush Securities Inc. Has $379,000 Stock Position in Enovix Co. (NASDAQ:ENVX)

Wedbush Securities Inc. cut its stake in shares of Enovix Co. (NASDAQ:ENVX) by 23.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,492 shares of the company’s stock after selling 7,558 shares during the period. Wedbush Securities Inc.’s holdings in Enovix were worth $379,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in shares of Enovix by 29.3% in the 4th quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock valued at $231,000 after acquiring an additional 4,170 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Enovix by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares in the last quarter. Jump Financial LLC acquired a new stake in Enovix in the fourth quarter worth $934,000. Avantax Advisory Services Inc. boosted its position in shares of Enovix by 37.8% during the fourth quarter. Avantax Advisory Services Inc. now owns 22,803 shares of the company’s stock worth $285,000 after purchasing an additional 6,256 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Enovix by 5.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 97,979 shares of the company’s stock valued at $1,227,000 after buying an additional 4,971 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Price Performance

Shares of ENVX opened at $9.70 on Friday. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The stock has a market capitalization of $1.71 billion, a P/E ratio of -7.24 and a beta of 1.99. The company has a 50 day moving average of $12.19 and a 200-day moving average of $10.54.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.85 million. As a group, equities research analysts forecast that Enovix Co. will post -1.21 EPS for the current fiscal year.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ENVX has been the topic of several research analyst reports. Craig Hallum raised their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark started coverage on Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, TD Cowen upped their price target on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $21.33.

About Enovix

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.