Intech Investment Management LLC Acquires Shares of 42,153 Enovix Co. (NASDAQ:ENVX)

Intech Investment Management LLC bought a new position in Enovix Co. (NASDAQ:ENVX) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 42,153 shares of the company’s stock, valued at approximately $394,000.

Other hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. grew its stake in Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after buying an additional 93,303 shares during the last quarter. One Wealth Advisors LLC bought a new stake in Enovix during the 3rd quarter worth approximately $700,000. Driehaus Capital Management LLC grew its position in Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Scientech Research LLC acquired a new stake in Enovix during the 2nd quarter valued at $834,000. Finally, Wealth Effects LLC raised its position in Enovix by 55.6% in the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after purchasing an additional 81,801 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Price Performance

Shares of ENVX stock opened at $9.89 on Wednesday. The firm’s 50 day moving average price is $10.08 and its two-hundred day moving average price is $11.32. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The stock has a market cap of $1.76 billion, a PE ratio of -6.14 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period last year, the company earned ($0.27) EPS. As a group, analysts forecast that Enovix Co. will post -1.17 EPS for the current year.

Analysts Set New Price Targets

ENVX has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Two investment 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 MarketBeat, Enovix currently has an average rating of “Moderate Buy” and an average price target of $20.50.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

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.