tru Independence LLC Sells 15,025 Shares of Enovix Co. (NASDAQ:ENVX)

tru Independence LLC reduced its stake in shares of Enovix Co. (NASDAQ:ENVX) by 5.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 285,210 shares of the company’s stock after selling 15,025 shares during the quarter. tru Independence LLC’s holdings in Enovix were worth $3,100,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Lpwm LLC bought a new stake in shares of Enovix in the 4th quarter worth approximately $549,000. Oppenheimer & Co. Inc. lifted its stake in Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after purchasing an additional 93,303 shares during the last quarter. Stifel Financial Corp lifted its stake in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares during the last quarter. One Wealth Advisors LLC bought a new stake in shares of Enovix in the 3rd quarter valued at about $700,000. Finally, Scientech Research LLC bought a new stake in shares of Enovix in the 2nd quarter valued at about $834,000. 50.92% of the stock is owned by institutional investors.

Insider Buying and Selling at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ENVX. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Down 7.0 %

Shares of Enovix stock opened at $11.45 on Monday. Enovix Co. has a 1 year low of $5.70 and a 1 year high of $18.68. The company has a 50-day moving average of $10.30 and a 200 day moving average of $10.77. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -7.30 and a beta of 1.86. 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 announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the firm earned ($0.27) earnings per share. As a group, sell-side analysts anticipate that Enovix Co. will post -1.17 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.