Perennial Investment Advisors LLC Acquires 8,048 Shares of Enovix Co. (NASDAQ:ENVX)

Perennial Investment Advisors LLC boosted its stake in shares of Enovix Co. (NASDAQ:ENVX) by 4.0% during the 4th quarter, HoldingsChannel reports. The fund owned 211,604 shares of the company’s stock after purchasing an additional 8,048 shares during the period. Perennial Investment Advisors LLC’s holdings in Enovix were worth $2,300,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its stake in shares of Enovix by 66.7% during 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 during the period. Sava Infond d.o.o. bought a new position in shares of Enovix during the fourth quarter valued at approximately $43,000. Hollencrest Capital Management raised its holdings 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 during the period. R Squared Ltd bought a new stake in shares of Enovix during the 4th quarter worth approximately $64,000. Finally, Lee Danner & Bass Inc. purchased a new stake in Enovix in the fourth quarter worth $65,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Down 4.8 %

Shares of NASDAQ:ENVX opened at $6.31 on Friday. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.21 billion, a PE ratio of -4.35 and a beta of 1.93. Enovix Co. has a 12-month low of $5.69 and a 12-month high of $18.68. The business’s fifty day simple moving average is $9.46 and its 200-day simple moving average is $9.96.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) 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 business had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. As a group, equities research analysts predict that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

ENVX has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Craig Hallum reduced their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Buying and Selling at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction 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 $19,123,564.35. This trade represents a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 15.70% of the stock is owned by insiders.

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.