Intech Investment Management LLC Increases Holdings in Enovix Co. (NASDAQ:ENVX)

Intech Investment Management LLC lifted its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 74.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,439 shares of the company’s stock after purchasing an additional 31,286 shares during the period. Intech Investment Management LLC’s holdings in Enovix were worth $798,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Old West Investment Management LLC raised its position in Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after acquiring an additional 102,452 shares during the period. Natixis Advisors LLC increased its stake in shares of Enovix by 93.9% during the 3rd quarter. Natixis Advisors LLC now owns 31,028 shares of the company’s stock worth $290,000 after purchasing an additional 15,030 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Enovix by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after purchasing an additional 73,320 shares during the last quarter. Finally, Meridian Wealth Management LLC bought a new position in Enovix during the third quarter valued at $1,066,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Two equities research 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, Enovix has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Enovix Price Performance

ENVX stock opened at $8.45 on Monday. The firm has a 50 day moving average of $10.17 and a 200-day moving average of $10.05. The firm has a market capitalization of $1.62 billion, a P/E ratio of -5.83 and a beta of 1.93. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68. 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 (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, sell-side analysts predict that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the sale, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.70% of the stock is owned by company insiders.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.