TTP Investments Inc. Sells 2,000 Shares of Enovix Co. (NASDAQ:ENVX)

TTP Investments Inc. cut its stake in shares of Enovix Co. (NASDAQ:ENVX) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 291,092 shares of the company’s stock after selling 2,000 shares during the quarter. Enovix accounts for about 0.9% of TTP Investments Inc.’s investment portfolio, making the stock its 17th largest holding. TTP Investments Inc. owned approximately 0.17% of Enovix worth $2,719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares during the period. Beacon Capital Management LLC lifted its stake in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares during the period. GAMMA Investing LLC boosted its position in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix during the second quarter valued at approximately $39,000. Finally, Voisard Asset Management Group Inc. grew its stake in Enovix by 25.0% in the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Performance

ENVX stock traded down $0.60 on Tuesday, hitting $12.21. The company had a trading volume of 2,260,709 shares, compared to its average volume of 5,451,153. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -8.99 and a beta of 1.98. The stock’s 50-day simple moving average is $9.94 and its 200 day simple moving average is $10.79.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, equities research analysts expect that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ENVX shares. TD Cowen boosted their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Craig Hallum boosted their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, August 1st. Piper Sandler reissued an “overweight” rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $21.33.

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.