Enovix Co. (NASDAQ:ENVX) Shares Acquired by Magnus Financial Group LLC

Magnus Financial Group LLC increased its stake in Enovix Co. (NASDAQ:ENVX) by 39.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,655 shares of the company’s stock after purchasing an additional 4,405 shares during the quarter. Magnus Financial Group LLC’s holdings in Enovix were worth $146,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings 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 valued at $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC increased its holdings in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Enovix by 2,228.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC increased its holdings in Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after buying an additional 50,000 shares during the last quarter. Finally, Old West Investment Management LLC increased its holdings in Enovix by 47.6% in the second quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ENVX. Benchmark began coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. TD Cowen increased their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Canaccord Genuity Group increased their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $21.33.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 17.30% of the stock is owned by company insiders.

Enovix Stock Down 7.0 %

ENVX opened at $11.09 on Thursday. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -8.28 and a beta of 1.98. The business has a 50 day moving average of $9.98 and a 200-day moving average of $10.82.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The company had revenue of $3.77 million during the quarter, compared to analysts’ expectations of $3.85 million. As a group, sell-side analysts anticipate that Enovix Co. will post -1.21 earnings per share for the current year.

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.