Firsthand Capital Management Inc. Purchases 25,000 Shares of Enovix Co. (NASDAQ:ENVX)

Firsthand Capital Management Inc. raised its position in shares of Enovix Co. (NASDAQ:ENVX) by 500.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,000 shares of the company’s stock after purchasing an additional 25,000 shares during the quarter. Firsthand Capital Management Inc.’s holdings in Enovix were worth $280,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Oppenheimer & Co. Inc. increased its position in shares of Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after acquiring an additional 93,303 shares in the last quarter. One Wealth Advisors LLC purchased a new stake in Enovix during the 3rd quarter valued at $700,000. 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 worth $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC raised its stake in shares of 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 purchasing an additional 1,512,424 shares during the last quarter. Finally, Scientech Research LLC bought a new position in shares of Enovix during the second quarter valued at $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Up 0.2 %

NASDAQ:ENVX opened at $9.25 on Friday. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The business has a fifty day moving average price of $10.03 and a 200-day moving average price of $11.29. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of -5.75 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

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

Insiders Place Their Bets

In other Enovix news, 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 sale, the insider now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Janney Montgomery Scott downgraded 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. Piper Sandler reissued an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. cut their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Enovix in a report on Monday, August 26th. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

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.