Strong Tower Advisory Services Grows Stake in Enovix Co. (NASDAQ:ENVX)

Strong Tower Advisory Services increased its position in Enovix Co. (NASDAQ:ENVX) by 167.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,610 shares of the company’s stock after purchasing an additional 46,722 shares during the period. Strong Tower Advisory Services’ holdings in Enovix were worth $811,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Driehaus Capital Management LLC lifted its holdings in shares of Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Geode Capital Management LLC raised its position in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after buying an additional 182,757 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Enovix by 6.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after acquiring an additional 73,320 shares during the period. Stifel Financial Corp boosted its holdings in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after acquiring an additional 55,094 shares during the last quarter. Finally, Old West Investment Management LLC raised its holdings in shares of Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

Enovix Price Performance

NASDAQ:ENVX opened at $10.72 on Monday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average of $10.05 and a 200 day moving average of $10.94. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analysts’ expectations 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 last year, the firm earned ($0.27) EPS. Research analysts anticipate that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Transactions at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares of the company’s stock, 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 SEC, which can be accessed through this link. Insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ENVX shares. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Thursday, October 31st. JPMorgan Chase & Co. decreased their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two research 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.