First Trust Advisors LP Sells 182,497 Shares of Enovix Co. (NASDAQ:ENVX)

First Trust Advisors LP trimmed its position in Enovix Co. (NASDAQ:ENVX) by 72.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,881 shares of the company’s stock after selling 182,497 shares during the period. First Trust Advisors LP’s holdings in Enovix were worth $770,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ENVX. Barclays PLC increased its stake in shares of Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock worth $2,353,000 after acquiring an additional 199,166 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Enovix by 81.4% during the third quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after purchasing an additional 35,711 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Enovix in the 3rd quarter worth approximately $117,000. Lpwm LLC bought a new stake in Enovix in the fourth quarter worth $549,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Enovix by 36.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 47,625 shares of the company’s stock worth $518,000 after acquiring an additional 12,689 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ENVX. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. TD Securities cut their price target on shares of Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. B. Riley cut their target price on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Finally, Craig Hallum decreased their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Trading Up 4.9 %

Shares of NASDAQ:ENVX opened at $6.48 on Friday. The stock’s 50-day simple moving average is $7.02 and its two-hundred day simple moving average is $9.20. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -4.47 and a beta of 1.99. Enovix Co. has a 52-week low of $5.27 and a 52-week high of $18.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (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 during the quarter, compared to analyst estimates of $8.77 million. Analysts expect that Enovix Co. will post -1.01 EPS 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.