The Manufacturers Life Insurance Company Has $888,000 Stock Holdings in Enovix Co. (NASDAQ:ENVX)

The Manufacturers Life Insurance Company trimmed its position in shares of Enovix Co. (NASDAQ:ENVX) by 4.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,721 shares of the company’s stock after selling 3,449 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Enovix were worth $888,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp raised its position in shares of Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after acquiring an additional 1,000 shares during the last quarter. Coppell Advisory Solutions LLC bought a new position in shares of Enovix during the fourth quarter worth about $27,000. Sava Infond d.o.o. bought a new position in shares of Enovix during the fourth quarter worth about $43,000. Hollencrest Capital Management raised its position in shares of Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of Enovix during the fourth quarter worth about $64,000. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Trading Up 0.8%

Shares of ENVX stock opened at $7.99 on Thursday. 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 Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The stock has a 50 day simple moving average of $6.94 and a two-hundred day simple moving average of $9.11. The company has a market cap of $1.53 billion, a P/E ratio of -5.51 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. Research analysts forecast that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Buying and Selling at Enovix

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ENVX shares. B. Riley lowered their price objective on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday, February 20th. Benchmark lowered their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. TD Securities lowered their target price on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. lowered their target price on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus target price of $17.27.

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.