Concurrent Investment Advisors LLC Grows Position in Enovix Co. (NASDAQ:ENVX)

Concurrent Investment Advisors LLC grew its stake in shares of Enovix Co. (NASDAQ:ENVX) by 79.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 63,481 shares of the company’s stock after acquiring an additional 28,023 shares during the period. Concurrent Investment Advisors LLC’s holdings in Enovix were worth $690,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ENVX. Fred Alger Management LLC increased its position in shares of Enovix by 2,468.6% during the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after buying an additional 565,698 shares during the period. Sora Investors LLC increased its position 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 period. Barclays PLC increased its position in shares of Enovix by 376.9% during the third quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after buying an additional 199,166 shares during the period. Geode Capital Management LLC increased its position in shares of Enovix by 5.4% during the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after buying an additional 182,757 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in shares of Enovix during the third quarter valued at about $1,066,000. 50.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ENVX has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Craig Hallum decreased their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Thursday, October 31st. Two research 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 an average price target of $20.30.

Insider Buying and Selling at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the 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 completion of the sale, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 15.70% of the company’s stock.

Enovix Stock Down 6.6 %

Shares of NASDAQ ENVX opened at $10.72 on Monday. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. 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 firm’s 50 day simple moving average is $11.15 and its two-hundred day simple moving average is $10.29. The stock has a market capitalization of $1.91 billion, a P/E ratio of -7.39 and a beta of 1.87.

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