Commonwealth Equity Services LLC Acquires 21,620 Shares of Enovix Co. (NASDAQ:ENVX)

Commonwealth Equity Services LLC lifted its stake in shares of Enovix Co. (NASDAQ:ENVX) by 45.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 69,414 shares of the company’s stock after buying an additional 21,620 shares during the period. Commonwealth Equity Services LLC’s holdings in Enovix were worth $1,073,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ENVX. Blue Trust Inc. increased its stake in shares of Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares in the last quarter. GAMMA Investing LLC lifted its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares during the period. Able Wealth Management LLC bought a new stake in Enovix in the 4th quarter worth approximately $34,000. Quest Partners LLC purchased a new position in shares of Enovix in the 4th quarter worth $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in Enovix during the fourth quarter valued at $50,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Price Performance

Shares of ENVX stock opened at $9.77 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock has a 50 day moving average price of $12.05 and a 200 day moving average price of $10.55. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The firm has a market capitalization of $1.72 billion, a P/E ratio of -7.29 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, sell-side analysts predict that Enovix Co. will post -1.21 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENVX. Craig Hallum boosted their target price on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Enovix has an average rating of “Buy” and an average price target of $21.33.

Insider Buying and Selling

In other news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction 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 transaction, the director now owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 17.30% of the stock is owned by insiders.

Enovix Company 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.