Millrace Asset Group Inc. Lowers Stake in Enovix Co. (NASDAQ:ENVX)

Millrace Asset Group Inc. cut its stake in Enovix Co. (NASDAQ:ENVX) by 0.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,140 shares of the company’s stock after selling 1,214 shares during the quarter. Millrace Asset Group Inc. owned about 0.08% of Enovix worth $1,253,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Driehaus Capital Management LLC boosted its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Old West Investment Management LLC boosted its holdings in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock valued at $12,915,000 after buying an additional 269,371 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after buying an additional 164,717 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Enovix during the 2nd quarter worth approximately $1,867,000. Finally, Meridian Wealth Management LLC purchased a new stake in Enovix during the third quarter valued at approximately $1,066,000. 50.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ENVX shares. Canaccord Genuity Group upped their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. TD Cowen increased their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research report on Monday, August 26th. Finally, Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $9.53 on Tuesday. The company has a 50 day simple moving average of $10.00 and a two-hundred day simple moving average of $11.31. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -5.92 and a beta of 1.99. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter last year, the company posted ($0.27) earnings per share. As a group, analysts predict that Enovix Co. will post -1.17 earnings per share for the current year.

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 15.70% of the company’s stock.

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.