Enovix Co. (NASDAQ:ENVX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Enovix Co. (NASDAQ:ENVX) by 29.0% during the third quarter, Holdings Channel.com reports. The firm owned 14,251 shares of the company’s stock after selling 5,828 shares during the period. Principal Financial Group Inc.’s holdings in Enovix were worth $133,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ENVX. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% in the second 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. Old West Investment Management LLC raised its position in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after purchasing an additional 269,371 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Enovix by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Enovix during the second quarter worth approximately $1,867,000. Finally, Financial Enhancement Group LLC bought a new stake in shares of Enovix in the 3rd quarter worth about $936,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Up 1.1 %

Enovix stock opened at $9.53 on Tuesday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -5.92 and a beta of 1.99. The firm’s 50 day moving average price is $10.00 and its two-hundred day moving average price is $11.31. Enovix Co. has a 1 year low of $5.70 and a 1 year high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the previous year, the business earned ($0.27) earnings per share. On average, research analysts predict that Enovix Co. will post -1.17 EPS for the current fiscal year.

Analyst Ratings Changes

ENVX has been the subject of a number of research analyst reports. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. TD Cowen increased their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Finally, Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Buying and Selling at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 15.70% of the company’s stock.

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.