Zurcher Kantonalbank Zurich Cantonalbank Buys 4,137 Shares of Enovix Co. (NASDAQ:ENVX)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Enovix Co. (NASDAQ:ENVX) by 17.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,805 shares of the company’s stock after buying an additional 4,137 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Enovix were worth $348,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Electron Capital Partners LLC lifted its stake in Enovix by 188.0% in the 3rd quarter. Electron Capital Partners LLC now owns 2,698,897 shares of the company’s stock worth $33,871,000 after purchasing an additional 1,761,834 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Enovix by 9.5% in the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares in the last quarter. Wellington Management Group LLP bought a new stake in Enovix during the third quarter valued at $7,290,000. Sora Investors LLC purchased a new position in Enovix during the third quarter worth about $3,765,000. Finally, tru Independence LLC bought a new position in Enovix in the 3rd quarter worth about $3,745,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Price Performance

ENVX stock opened at $10.09 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The firm has a market cap of $1.71 billion, a P/E ratio of -7.53 and a beta of 1.70. The firm’s fifty day moving average is $7.88 and its 200 day moving average is $10.01. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data 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 83.66% and a negative net margin of 1,448.90%. The company had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Research analysts predict that Enovix Co. will post -1.13 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ENVX. JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, April 26th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday. Canaccord Genuity Group restated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. Craig Hallum reduced their target price on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.29.

Insiders Place Their Bets

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

Enovix 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.