Enovix Co. (NASDAQ:ENVX) Stake Raised by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. grew its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 2.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 278,762 shares of the company’s stock after purchasing an additional 6,715 shares during the period. Oppenheimer & Co. Inc.’s holdings in Enovix were worth $3,030,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Prospera Private Wealth LLC bought a new stake in Enovix during the third quarter worth approximately $27,000. Fifth Third Bancorp lifted its position in shares of Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares during the last quarter. R Squared Ltd bought a new stake in shares of Enovix during the 4th quarter worth $64,000. Quest Partners LLC grew its holdings in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after acquiring an additional 6,294 shares during the last quarter. Finally, Nwam LLC acquired a new stake in shares of Enovix during the third quarter worth $98,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Buying and Selling

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ENVX has been the topic of a number of analyst reports. Craig Hallum dropped their price target on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Enovix Price Performance

NASDAQ ENVX opened at $8.92 on Friday. 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 firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -6.15 and a beta of 1.87. The company has a 50 day simple moving average of $11.22 and a 200-day simple moving average of $10.25. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $8.77 million. Equities research analysts predict that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

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.