Enovix Co. (NASDAQ:ENVX) Shares Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC lifted its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 37.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 165,703 shares of the company’s stock after buying an additional 44,956 shares during the period. Sanctuary Advisors LLC’s holdings in Enovix were worth $1,563,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ENVX. Oppenheimer & Co. Inc. raised its position in Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after purchasing an additional 93,303 shares during the period. Stifel Financial Corp raised its holdings in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after buying an additional 55,094 shares during the period. One Wealth Advisors LLC purchased a new stake in shares of Enovix during the 3rd quarter valued at about $700,000. Driehaus Capital Management LLC boosted its holdings in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the period. Finally, Scientech Research LLC purchased a new position in Enovix in the 2nd quarter worth approximately $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $8.03 on Friday. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -4.99 and a beta of 1.94. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The business has a 50 day simple moving average of $9.74 and a 200-day simple moving average of $11.19.

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

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. This represents a 42.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on ENVX. Oppenheimer reissued an “outperform” rating and set a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. cut their price objective 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. Benchmark restated a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

About Enovix

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.