Principal Financial Group Inc. Lowers Position in Enovix Co. (NASDAQ:ENVX)

Principal Financial Group Inc. trimmed its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 29.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,251 shares of the company’s stock after selling 5,828 shares during the period. Principal Financial Group Inc.’s holdings in Enovix were worth $133,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in Enovix in the third quarter valued at approximately $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix during the 2nd quarter valued at $39,000. Voisard Asset Management Group Inc. lifted its holdings in shares of 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 acquiring an additional 2,000 shares during the last quarter. Quest Partners LLC grew its position in Enovix by 318.5% in the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after acquiring an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Enovix in the second quarter valued at $97,000. 50.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on ENVX shares. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. reduced 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 research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Enovix Trading Up 15.0 %

ENVX opened at $14.33 on Wednesday. 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 business has a 50 day simple moving average of $9.72 and a two-hundred day simple moving average of $11.14. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -8.90 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the company earned ($0.27) earnings per share. Analysts predict that Enovix Co. will post -1.17 EPS for the current 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.