Enovix Co. (NASDAQ:ENVX) Shares Sold by Raymond James & Associates

Raymond James & Associates trimmed its stake in Enovix Co. (NASDAQ:ENVX) by 31.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 296,638 shares of the company’s stock after selling 134,087 shares during the quarter. Raymond James & Associates’ holdings in Enovix were worth $2,771,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its stake in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Enovix in the second quarter valued at approximately $39,000. Beacon Capital Management LLC lifted its stake in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after buying an additional 1,798 shares during the period. Finally, Voisard Asset Management Group Inc. boosted its position in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after acquiring an additional 1,000 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 15.70% of the company’s stock.

Enovix Trading Down 7.7 %

NASDAQ ENVX opened at $8.34 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.84 and a current ratio of 3.77. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The company’s 50 day moving average price is $9.99 and its 200 day moving average price is $11.15. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -5.18 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the business posted ($0.27) EPS. On average, sell-side analysts predict that Enovix Co. will post -1.2 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on ENVX shares. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Craig Hallum increased their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Canaccord Genuity Group upped their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average target price of $20.50.

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.