Enovix Co. (NASDAQ:ENVX) Stock Position Lowered by Fmr LLC

Fmr LLC decreased its position in Enovix Co. (NASDAQ:ENVX) by 69.6% in the third quarter, HoldingsChannel reports. The firm owned 12,008 shares of the company’s stock after selling 27,480 shares during the period. Fmr LLC’s holdings in Enovix were worth $112,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nwam LLC acquired a new stake in shares of Enovix in the third quarter worth $98,000. Meridian Wealth Management LLC acquired a new position in Enovix during the third quarter valued at $1,066,000. Charles Schwab Investment Management Inc. lifted its stake in Enovix by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock worth $11,479,000 after acquiring an additional 73,320 shares in the last quarter. L & S Advisors Inc boosted its position in Enovix by 3.0% during the 3rd quarter. L & S Advisors Inc now owns 114,075 shares of the company’s stock worth $1,065,000 after acquiring an additional 3,376 shares during the period. Finally, Intech Investment Management LLC purchased a new position in Enovix during the 3rd quarter valued at about $394,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by insiders.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $9.73 on Monday. The stock has a market capitalization of $1.73 billion, a P/E ratio of -6.04 and a beta of 1.94. The business has a 50-day moving average of $9.68 and a two-hundred day moving average of $11.19. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. 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 Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The firm had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same period in the previous year, the company earned ($0.27) EPS. On average, equities research analysts predict that Enovix Co. will post -1.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ENVX. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. JPMorgan Chase & Co. cut their price objective 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 issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

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.