Raymond James Financial Inc. Buys New Position in Enovix Co. (NASDAQ:ENVX)

Raymond James Financial Inc. bought a new stake in shares of Enovix Co. (NASDAQ:ENVX) in the 4th quarter, HoldingsChannel reports. The firm bought 320,558 shares of the company’s stock, valued at approximately $3,484,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ENVX. Arizona State Retirement System lifted its holdings in shares of Enovix by 4.5% during the 4th quarter. Arizona State Retirement System now owns 43,464 shares of the company’s stock worth $472,000 after acquiring an additional 1,856 shares during the last quarter. M&T Bank Corp bought a new stake in Enovix during the fourth quarter worth about $183,000. Deuterium Capital Management LLC boosted its holdings in shares of Enovix by 9.2% in the 4th quarter. Deuterium Capital Management LLC now owns 167,526 shares of the company’s stock worth $1,855,000 after purchasing an additional 14,151 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Enovix by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock valued at $214,000 after purchasing an additional 1,257 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Enovix by 9.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company’s stock valued at $14,656,000 after buying an additional 119,288 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ENVX has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Craig Hallum cut their price target on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Enovix Stock Performance

ENVX opened at $8.01 on Friday. The firm has a market cap of $1.53 billion, a P/E ratio of -5.52 and a beta of 1.93. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The company has a 50 day simple moving average of $9.98 and a two-hundred day simple moving average of $10.03. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

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

About Enovix

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.