Raymond James Financial Services Advisors Inc. Lowers Stake in Enovix Co. (NASDAQ:ENVX)

Raymond James Financial Services Advisors Inc. lowered its stake in shares of Enovix Co. (NASDAQ:ENVX) by 6.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 33,009 shares of the company’s stock after selling 2,394 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Enovix were worth $413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ENVX. Electron Capital Partners LLC boosted its position in Enovix by 188.0% in the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock valued at $33,871,000 after buying an additional 1,761,834 shares during the period. BlackRock Inc. lifted its position in shares of Enovix by 24.7% during the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company’s stock worth $155,788,000 after purchasing an additional 1,713,057 shares during the last quarter. State Street Corp lifted its position in shares of Enovix by 392.4% during the 2nd quarter. State Street Corp now owns 1,935,508 shares of the company’s stock worth $17,245,000 after purchasing an additional 1,542,457 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after purchasing an additional 1,072,508 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Enovix during the 4th quarter worth $13,142,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $6.26 on Friday. The company’s fifty day moving average price is $8.75 and its 200 day moving average price is $10.25. Enovix Co. has a 12 month low of $5.86 and a 12 month high of $23.90. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The firm has a market capitalization of $1.05 billion, a P/E ratio of -4.09 and a beta of 1.62.

Enovix (NASDAQ:ENVX) last announced its quarterly 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). Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. The company had revenue of $7.38 million for the quarter, compared to analyst estimates of $3.37 million. As a group, sell-side analysts predict that Enovix Co. will post -1.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ENVX has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 17.30% of the stock is owned by company insiders.

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.