Old West Investment Management LLC Cuts Stock Position in Enovix Co. (NASDAQ:ENVX)

Old West Investment Management LLC lowered its stake in shares of Enovix Co. (NASDAQ:ENVX) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 780,564 shares of the company’s stock after selling 157,274 shares during the quarter. Enovix makes up approximately 3.4% of Old West Investment Management LLC’s portfolio, making the stock its 11th largest holding. Old West Investment Management LLC’s holdings in Enovix were worth $8,485,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the period. Raymond James Financial Inc. purchased a new position in Enovix in the 4th quarter valued at approximately $3,484,000. Geode Capital Management LLC raised its holdings in Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after acquiring an additional 235,142 shares during the period. Sora Investors LLC lifted 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 worth $4,904,000 after acquiring an additional 225,000 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Enovix by 376.9% in the third quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after purchasing an additional 199,166 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday, February 20th. Craig Hallum lowered their price target 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Insider Activity at Enovix

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. The trade was a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 15.70% of the stock is owned by insiders.

Enovix Trading Down 4.8 %

NASDAQ ENVX opened at $6.31 on Friday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock’s 50-day simple moving average is $9.46 and its two-hundred day simple moving average is $9.96. Enovix Co. has a twelve month low of $5.69 and a twelve month high of $18.68. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -4.35 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. The company had revenue of $9.72 million during the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Research analysts forecast that Enovix Co. will post -1.01 EPS for the current fiscal year.

About Enovix

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.