Intellectus Partners LLC Grows Position in Enovix Co. (NASDAQ:ENVX)

Intellectus Partners LLC lifted its position in shares of Enovix Co. (NASDAQ:ENVX) by 21.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 47,200 shares of the company’s stock after purchasing an additional 8,250 shares during the quarter. Intellectus Partners LLC’s holdings in Enovix were worth $441,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Swiss National Bank grew its stake in Enovix by 5.0% during the first quarter. Swiss National Bank now owns 281,600 shares of the company’s stock worth $2,256,000 after buying an additional 13,400 shares during the period. Avantax Advisory Services Inc. boosted its position in Enovix by 14.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 26,187 shares of the company’s stock worth $210,000 after purchasing an additional 3,384 shares during the period. ProShare Advisors LLC increased its holdings in Enovix by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,915 shares of the company’s stock valued at $200,000 after purchasing an additional 1,960 shares in the last quarter. Blair William & Co. IL purchased a new position in Enovix in the first quarter valued at about $268,000. Finally, Nwam LLC acquired a new position in shares of Enovix during the first quarter worth about $93,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 4.2 %

Shares of NASDAQ ENVX opened at $8.48 on Friday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -5.27 and a beta of 1.99. The business has a fifty day simple moving average of $9.98 and a 200-day simple moving average of $11.26.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the company earned ($0.27) earnings per share. Sell-side analysts predict that Enovix Co. will post -1.17 EPS for the current year.

Insiders Place Their Bets

In other news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ENVX. Craig Hallum raised their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Canaccord Genuity Group upped their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. 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. Based on data from MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average price target of $20.50.

About Enovix

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.