Salem Investment Counselors Inc. Lowers Stock Position in Enovix Co. (NASDAQ:ENVX)

Salem Investment Counselors Inc. trimmed its position in Enovix Co. (NASDAQ:ENVX) by 11.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,100 shares of the company’s stock after selling 10,275 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Enovix were worth $849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ENVX. Oppenheimer & Co. Inc. increased its stake in shares of Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after purchasing an additional 93,303 shares in the last quarter. Stifel Financial Corp increased its stake in Enovix by 6.2% in the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after buying an additional 55,094 shares in the last quarter. One Wealth Advisors LLC bought a new stake in Enovix during the third quarter valued at about $700,000. Driehaus Capital Management LLC lifted its position in shares of Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Finally, Scientech Research LLC bought a new position in shares of Enovix in the second quarter worth about $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 15.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ENVX shares. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, 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 report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

NASDAQ:ENVX opened at $11.00 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The business has a 50 day simple moving average of $9.92 and a 200-day simple moving average of $11.06. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -6.83 and a beta of 1.86. 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. 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 analyst estimates of $4.11 million. During the same quarter in the previous year, the business earned ($0.27) earnings per share. Equities analysts forecast that Enovix Co. will post -1.17 EPS for the current year.

Enovix 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.