Arizona State Retirement System Grows Stock Position in Enovix Co. (NASDAQ:ENVX)

Arizona State Retirement System lifted its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 4.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 43,464 shares of the company’s stock after acquiring an additional 1,856 shares during the period. Arizona State Retirement System’s holdings in Enovix were worth $472,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Fred Alger Management LLC grew its position in Enovix by 2,468.6% during the 3rd quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock worth $5,498,000 after purchasing an additional 565,698 shares during the last quarter. Sora Investors LLC grew its holdings in shares of Enovix by 75.0% during the third quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock valued at $4,904,000 after buying an additional 225,000 shares during the last quarter. Barclays PLC increased its position in shares of Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after acquiring an additional 199,166 shares during the period. Geode Capital Management LLC raised its stake 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 acquiring an additional 182,757 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Enovix in the 4th quarter worth $1,380,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at $19,123,564.35. This represents a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 15.70% of the stock is currently owned by company insiders.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $7.65 on Friday. 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 stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -5.28 and a beta of 1.94. The firm’s 50 day simple moving average is $10.61 and its 200-day simple moving average is $10.09. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Analysts expect that Enovix Co. will post -1.01 EPS for the current year.

Analyst Ratings Changes

ENVX has been the topic of a number of research reports. Craig Hallum cut their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

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.