D.A. Davidson & CO. Sells 2,500 Shares of Enovix Corporation (NASDAQ:ENVX)

D.A. Davidson & CO. decreased its holdings in Enovix Corporation (NASDAQ:ENVX) by 12.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,500 shares of the company’s stock after selling 2,500 shares during the period. D.A. Davidson & CO.’s holdings in Enovix were worth $128,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Teacher Retirement System of Texas bought a new position in shares of Enovix in the first quarter worth about $171,000. Clear Creek Financial Management LLC boosted its stake in Enovix by 10.0% during the first quarter. Clear Creek Financial Management LLC now owns 49,765 shares of the company’s stock valued at $365,000 after buying an additional 4,515 shares during the last quarter. Smith Salley Wealth Management bought a new position in Enovix during the first quarter valued at approximately $75,000. HBK Sorce Advisory LLC bought a new position in Enovix during the first quarter valued at approximately $74,000. Finally, Sava Infond d.o.o. boosted its stake in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company’s stock valued at $44,000 after buying an additional 2,000 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Wall Street Zen raised Enovix from a “sell” rating to a “hold” rating in a research note on Saturday. TD Securities decreased their price objective on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. decreased their price objective on Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Finally, Craig Hallum restated a “buy” rating and set a $15.00 price objective (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and an average price target of $17.55.

Enovix Trading Down 0.4%

Shares of NASDAQ ENVX opened at $14.07 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The business’s 50 day moving average price is $8.87 and its 200-day moving average price is $9.09. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -10.91 and a beta of 2.09.

Enovix declared that its board has approved a stock repurchase program on Wednesday, July 2nd that permits the company to buyback $60.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Enovix Profile

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.