Quest Partners LLC Reduces Holdings in Enovix Co. (NASDAQ:ENVX)

Quest Partners LLC reduced its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 59.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,976 shares of the company’s stock after selling 2,864 shares during the quarter. Quest Partners LLC’s holdings in Enovix were worth $31,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in shares of Enovix by 29.3% during the fourth quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock worth $231,000 after buying an additional 4,170 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Enovix by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after buying an additional 55,157 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in Enovix by 37.8% during the fourth quarter. Avantax Advisory Services Inc. now owns 22,803 shares of the company’s stock valued at $285,000 after buying an additional 6,256 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Enovix by 5.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 97,979 shares of the company’s stock valued at $1,227,000 after buying an additional 4,971 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Enovix during the fourth quarter valued at approximately $651,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Down 0.6 %

Shares of NASDAQ:ENVX opened at $8.44 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The company has a fifty day simple moving average of $11.71 and a 200 day simple moving average of $10.53. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results 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 net margin of 1,434.34% and a negative return on equity of 91.21%. The firm had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on ENVX. Canaccord Genuity Group lifted their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. B. Riley raised shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix presently has an average rating of “Buy” and an average price target of $21.33.

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.