DnB Asset Management AS Acquires 47,578 Shares of Enovix Co. (NASDAQ:ENVX)

DnB Asset Management AS increased its holdings in Enovix Co. (NASDAQ:ENVX) by 46.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,308 shares of the company’s stock after purchasing an additional 47,578 shares during the period. DnB Asset Management AS owned 0.08% of Enovix worth $1,634,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ENVX. Vanguard Group Inc. lifted its holdings in shares of Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Geode Capital Management LLC increased its holdings in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after acquiring an additional 182,757 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Enovix by 9.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company’s stock worth $14,656,000 after purchasing an additional 119,288 shares in the last quarter. Stifel Financial Corp boosted 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 purchasing an additional 55,094 shares during the last quarter. Finally, Old West Investment Management LLC grew its position in shares of Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Enovix

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

Wall Street Analyst Weigh In

A number of research firms recently commented on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum decreased their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Two 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 stock. According to MarketBeat, Enovix has an average rating of “Moderate Buy” and an average price target of $20.30.

Enovix Trading Up 1.4 %

ENVX stock opened at $7.44 on Wednesday. The firm’s fifty day simple moving average is $9.77 and its two-hundred day simple moving average is $10.02. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -5.13 and a beta of 1.93. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. As a group, analysts anticipate that Enovix Co. will post -1.01 earnings per share for the current 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.