Cibc World Markets Corp Acquires New Stake in Enovix Co. (NASDAQ:ENVX)

Cibc World Markets Corp bought a new position in Enovix Co. (NASDAQ:ENVX) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 15,392 shares of the company’s stock, valued at approximately $167,000.

Other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp boosted its stake in Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after purchasing an additional 1,000 shares in the last quarter. Hollencrest Capital Management lifted its stake in shares of Enovix by 61.4% in the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. R Squared Ltd bought a new stake in shares of Enovix during the fourth quarter valued at approximately $64,000. SRS Capital Advisors Inc. purchased a new position in Enovix in the 4th quarter worth approximately $87,000. Finally, Quest Partners LLC lifted its position in Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after acquiring an additional 6,294 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 15.70% of the company’s stock.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $8.14 on Thursday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.56 billion, a PE ratio of -5.61 and a beta of 1.93. The firm’s 50 day moving average price is $10.04 and its 200-day moving average price is $10.05. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to analysts’ expectations of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Equities research analysts expect that Enovix Co. will post -1.01 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ENVX. Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.