Cornerstone Select Advisors LLC Purchases Shares of 26,080 Enovix Co. (NASDAQ:ENVX)

Cornerstone Select Advisors LLC bought a new stake in shares of Enovix Co. (NASDAQ:ENVX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 26,080 shares of the company’s stock, valued at approximately $283,000.

Other large investors have also modified their holdings of the company. Barclays PLC increased its holdings in Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock worth $2,353,000 after acquiring an additional 199,166 shares in the last quarter. Virtu Financial LLC acquired a new position in Enovix in the 3rd quarter valued at $205,000. Franklin Resources Inc. lifted its holdings in Enovix by 81.4% in the 3rd quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after purchasing an additional 35,711 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in Enovix during the third quarter worth about $117,000. Finally, Lpwm LLC purchased a new position in Enovix in the 4th quarter worth approximately $549,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.70% of the stock is currently owned by corporate insiders.

Enovix Stock Performance

Shares of ENVX opened at $6.09 on Wednesday. Enovix Co. has a 1 year low of $5.27 and a 1 year high of $18.68. The stock has a market capitalization of $1.17 billion, a PE ratio of -4.20 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock has a 50-day simple moving average of $7.11 and a 200-day simple moving average of $9.26.

Enovix (NASDAQ:ENVX) last issued its quarterly 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. On average, analysts predict that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ENVX. Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. TD Securities lowered their price objective on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Benchmark cut their target price on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Finally, B. Riley cut their price objective on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average target price of $17.27.

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.