ProShare Advisors LLC Decreases Holdings in Enovix Co. (NASDAQ:ENVX)

ProShare Advisors LLC cut its position in shares of Enovix Co. (NASDAQ:ENVX) by 25.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,575 shares of the company’s stock after selling 6,340 shares during the quarter. ProShare Advisors LLC’s holdings in Enovix were worth $287,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its position 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 buying an additional 1,376,253 shares in the last quarter. Electron Capital Partners LLC grew its position in shares of Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company’s stock worth $161,871,000 after purchasing an additional 513,508 shares in the last quarter. Old West Investment Management LLC raised its position in shares of Enovix by 47.6% during the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after purchasing an additional 269,371 shares during the last quarter. Finally, Masters Capital Management LLC lifted its stake in Enovix by 18.2% in the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock valued at $16,276,000 after buying an additional 200,000 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Up 3.4 %

NASDAQ:ENVX opened at $10.65 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The firm has a market capitalization of $1.81 billion, a P/E ratio of -7.95 and a beta of 1.98. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68. The business has a 50 day simple moving average of $10.16 and a 200 day simple moving average of $10.55.

Enovix (NASDAQ:ENVX) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Equities research analysts predict that Enovix Co. will post -1.21 EPS for the current year.

Analyst Upgrades and Downgrades

ENVX has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down from $23.00) on shares of Enovix in a report on Monday, August 5th. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a report on Monday, August 26th. Finally, Canaccord Genuity Group raised their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix currently has a consensus rating of “Buy” and a consensus target price of $21.33.

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.