Cannell & Spears LLC Lowers Stake in Enovix Co. (NASDAQ:ENVX)

Cannell & Spears LLC lessened its holdings in Enovix Co. (NASDAQ:ENVX) by 14.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 117,520 shares of the company’s stock after selling 19,540 shares during the quarter. Cannell & Spears LLC’s holdings in Enovix were worth $1,277,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fifth Third Bancorp boosted its position in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after purchasing an additional 1,000 shares in the last quarter. Hodges Capital Management Inc. increased its position in Enovix by 1.8% during the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock valued at $625,000 after buying an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in Enovix by 6.2% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after buying an additional 1,214 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Enovix by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock worth $214,000 after acquiring an additional 1,257 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Enovix by 6.7% in the third quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after acquiring an additional 1,367 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 1.9 %

ENVX opened at $7.34 on Tuesday. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -5.06 and a beta of 1.93. The firm has a 50 day moving average price of $9.85 and a 200-day moving average price of $10.04. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Equities research analysts forecast that Enovix Co. will post -1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research note 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, Enovix has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares in the company, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.70% of the stock is owned by company insiders.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.