Enovix Co. (NASDAQ:ENVX) Shares Acquired by Arizona State Retirement System

Arizona State Retirement System increased its holdings in Enovix Co. (NASDAQ:ENVX) by 5.6% during the 4th quarter, HoldingsChannel reports. The fund owned 38,049 shares of the company’s stock after acquiring an additional 2,023 shares during the quarter. Arizona State Retirement System’s holdings in Enovix were worth $476,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ENVX. JPMorgan Chase & Co. lifted its stake in shares of Enovix by 5.2% in the first quarter. JPMorgan Chase & Co. now owns 106,242 shares of the company’s stock worth $1,516,000 after acquiring an additional 5,258 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Enovix by 61.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 23,800 shares of the company’s stock worth $340,000 after acquiring an additional 9,100 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Enovix by 18.8% in the first quarter. HighTower Advisors LLC now owns 33,723 shares of the company’s stock worth $483,000 after acquiring an additional 5,335 shares in the last quarter. Citigroup Inc. raised its stake in Enovix by 129.2% during the first quarter. Citigroup Inc. now owns 20,144 shares of the company’s stock valued at $287,000 after buying an additional 11,355 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Enovix by 1.2% during the first quarter. BlackRock Inc. now owns 1,498,054 shares of the company’s stock valued at $21,376,000 after buying an additional 18,009 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Activity

In other news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 17.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ENVX. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Enovix has a consensus rating of “Moderate Buy” and an average price target of $28.29.

Enovix Stock Up 4.2 %

NASDAQ:ENVX opened at $6.26 on Friday. The firm has a market capitalization of $1.05 billion, a PE ratio of -4.09 and a beta of 1.62. The stock has a 50 day moving average of $8.75 and a 200-day moving average of $10.25. Enovix Co. has a 52 week low of $5.86 and a 52 week high of $23.90. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. Analysts predict that Enovix Co. will post -1.13 EPS for the current year.

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.