Flagship Private Wealth LLC Acquires New Holdings in Enovix Co. (NASDAQ:ENVX)

Flagship Private Wealth LLC bought a new position in shares of Enovix Co. (NASDAQ:ENVX) in the fourth quarter, HoldingsChannel reports. The firm bought 13,294 shares of the company’s stock, valued at approximately $145,000.

Several other institutional investors and hedge funds also recently modified their holdings of ENVX. Mercer Global Advisors Inc. ADV acquired a new position in shares of Enovix during the 2nd quarter worth approximately $163,000. Sei Investments Co. acquired a new position in shares of Enovix in the second quarter worth $555,000. Fred Alger Management LLC acquired a new position in shares of Enovix in the second quarter worth $354,000. The Manufacturers Life Insurance Company lifted its position in shares of Enovix by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 85,403 shares of the company’s stock valued at $1,320,000 after acquiring an additional 6,484 shares in the last quarter. Finally, Scientech Research LLC acquired a new stake in shares of Enovix during the second quarter valued at $834,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares of the company’s stock, 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 is accessible through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Enovix Stock Up 1.7 %

Shares of NASDAQ ENVX opened at $12.32 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm has a fifty day moving average of $10.30 and a 200-day moving average of $10.81. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68.

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ENVX shares. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

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.