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

Perennial Investment Advisors LLC lifted its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 99.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,200 shares of the company’s stock after acquiring an additional 18,075 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Enovix were worth $560,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Arizona State Retirement System grew its holdings in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after acquiring an additional 905 shares in the last quarter. Corient Private Wealth LLC grew its stake in Enovix by 1.9% in the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after purchasing an additional 910 shares in the last quarter. Blue Trust Inc. increased its holdings in Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares during the last quarter. Voisard Asset Management Group Inc. raised its stake in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after buying an additional 1,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after buying an additional 1,434 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $9.25 on Wednesday. The firm’s 50 day moving average is $11.89 and its two-hundred day moving average is $10.55. The firm has a market capitalization of $1.63 billion, a P/E ratio of -6.90 and a beta of 1.99. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its earnings results on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. Analysts anticipate that Enovix Co. will post -1.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ENVX. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Benchmark started coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective on the stock. Finally, B. Riley upgraded Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $21.33.

Insider Activity at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the transaction, the director now owns 8,129 shares in the company, valued at approximately $98,686.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 17.30% of the company’s stock.

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.