Reynders McVeigh Capital Management LLC Acquires 47,835 Shares of Enovix Co. (NASDAQ:ENVX)

Reynders McVeigh Capital Management LLC increased its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 32.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 195,362 shares of the company’s stock after purchasing an additional 47,835 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Enovix were worth $1,825,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ENVX. Prospera Private Wealth LLC bought a new stake in shares of Enovix during the 3rd quarter worth $27,000. Blue Trust Inc. increased its holdings in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC increased its holdings in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Enovix in the 2nd quarter worth about $39,000. Finally, Voisard Asset Management Group Inc. increased its holdings in Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ENVX. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two equities 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 stock presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Enovix Trading Down 3.1 %

NASDAQ ENVX opened at $9.89 on Wednesday. The business has a 50 day simple moving average of $10.08 and a 200 day simple moving average of $11.32. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The stock has a market capitalization of $1.76 billion, a P/E ratio of -6.14 and a beta of 1.94. 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 released its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter last year, the firm posted ($0.27) earnings per share. Research analysts expect that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 15.70% of the stock is currently owned by insiders.

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.