Wealth Effects LLC Sells 11,000 Shares of Enovix Co. (NASDAQ:ENVX)

Wealth Effects LLC lowered its stake in Enovix Co. (NASDAQ:ENVX) by 4.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 234,501 shares of the company’s stock after selling 11,000 shares during the period. Enovix makes up 0.9% of Wealth Effects LLC’s investment portfolio, making the stock its 18th biggest position. Wealth Effects LLC’s holdings in Enovix were worth $2,549,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fifth Third Bancorp boosted its position in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after buying an additional 1,000 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix in the second quarter worth $39,000. Prospera Private Wealth LLC acquired a new stake in Enovix in the third quarter valued at $27,000. Voisard Asset Management Group Inc. raised its position in Enovix by 40.0% during 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 during the last quarter. Finally, Quest Partners LLC lifted its holdings in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after buying an additional 6,294 shares during the period. Institutional investors own 50.92% of the company’s stock.

Insider Buying and Selling at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 15.70% of the company’s stock.

Enovix Price Performance

ENVX stock opened at $11.14 on Tuesday. The stock’s 50 day simple moving average is $10.36 and its 200 day simple moving average is $10.72. 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 Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly 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 net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter last year, the firm posted ($0.27) EPS. Equities research analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ENVX shares. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.50.

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.