LJI Wealth Management LLC Sells 16,300 Shares of Enovix Co. (NASDAQ:ENVX)

LJI Wealth Management LLC decreased its holdings in Enovix Co. (NASDAQ:ENVX) by 18.4% in the second quarter, Holdings Channel.com reports. The firm owned 72,400 shares of the company’s stock after selling 16,300 shares during the period. LJI Wealth Management LLC’s holdings in Enovix were worth $1,119,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Arizona State Retirement System lifted its stake in Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after purchasing an additional 905 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after acquiring an additional 910 shares during the last quarter. Blue Trust Inc. boosted its holdings in Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares during the period. Voisard Asset Management Group Inc. boosted its holdings in Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after acquiring an additional 1,000 shares during the period. Finally, Principal Financial Group Inc. grew its position in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after acquiring an additional 1,434 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Trading Down 8.2 %

Shares of ENVX opened at $8.49 on Thursday. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The firm’s 50-day moving average price is $11.89 and its 200-day moving average price is $10.55. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -6.34 and a beta of 1.99.

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

Analyst Ratings Changes

Several analysts have weighed in on ENVX shares. Benchmark initiated coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. Craig Hallum increased their price target 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. TD Cowen raised their price target on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Finally, Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has an average rating of “Buy” and a consensus price target 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.