Enovix Co. (NASDAQ:ENVX) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its stake in Enovix Co. (NASDAQ:ENVX) by 81.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 79,559 shares of the company’s stock after purchasing an additional 35,711 shares during the period. Franklin Resources Inc.’s holdings in Enovix were worth $743,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ENVX. Prospera Private Wealth LLC acquired a new stake in shares of Enovix in the third quarter valued at $27,000. Strategic Investment Solutions Inc. IL purchased a new position in Enovix during the 2nd quarter valued at about $39,000. Voisard Asset Management Group Inc. grew its position in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after acquiring an additional 2,000 shares in the last quarter. Quest Partners LLC increased its stake in Enovix by 318.5% during the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Enovix during the second quarter worth about $97,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 1.2 %

Shares of NASDAQ ENVX opened at $11.28 on Monday. Enovix Co. has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -7.01 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The business has a 50-day moving average of $9.57 and a two-hundred day moving average of $11.17.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. The company 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 period in the prior year, the firm posted ($0.27) earnings per share. On average, analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ENVX shares. Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Insider Activity at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was 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 of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by corporate insiders.

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.