Secure Asset Management LLC Invests $97,000 in Enovix Co. (NASDAQ:ENVX)

Secure Asset Management LLC bought a new stake in Enovix Co. (NASDAQ:ENVX) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,407 shares of the company’s stock, valued at approximately $97,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after acquiring an additional 164,717 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares in the last quarter. Masters Capital Management LLC grew its position in shares of Enovix by 3.8% during the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Old West Investment Management LLC grew its position in Enovix by 47.6% during the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 17.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ENVX. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Benchmark assumed coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. TD Cowen lifted their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Craig Hallum raised their price objective on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One equities research 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. According to data from MarketBeat.com, Enovix has a consensus rating of “Buy” and an average price target of $21.33.

Enovix Stock Up 0.2 %

Shares of NASDAQ:ENVX opened at $11.45 on Friday. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -8.54 and a beta of 1.98. The business’s 50 day moving average is $9.98 and its 200 day moving average is $10.88.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. On average, sell-side analysts forecast that Enovix Co. will post -1.21 earnings per share 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.