Cetera Investment Advisers Sells 35,072 Shares of Enovix Corporation (NASDAQ:ENVX)

Cetera Investment Advisers reduced its position in Enovix Corporation (NASDAQ:ENVX) by 26.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,021 shares of the company’s stock after selling 35,072 shares during the quarter. Cetera Investment Advisers owned 0.05% of Enovix worth $727,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ENVX. Coppell Advisory Solutions LLC purchased a new stake in shares of Enovix during the fourth quarter worth about $27,000. Sava Infond d.o.o. increased its holdings in Enovix by 50.0% in the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company’s stock worth $44,000 after buying an additional 2,000 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after acquiring an additional 3,849 shares during the last quarter. HBK Sorce Advisory LLC purchased a new stake in Enovix in the 1st quarter worth approximately $74,000. Finally, Smith Salley Wealth Management purchased a new stake in Enovix in the 1st quarter worth approximately $75,000. 50.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ENVX. Canaccord Genuity Group increased their target price on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Craig Hallum reaffirmed a “buy” rating and issued a $15.00 target price (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. TD Securities cut their target price on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Benchmark increased their price target on Enovix from $15.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Finally, B. Riley reiterated a “buy” rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Enovix has an average rating of “Moderate Buy” and an average price target of $18.90.

Enovix Stock Performance

Shares of ENVX opened at $10.50 on Friday. The stock has a 50-day simple moving average of $11.52 and a 200-day simple moving average of $9.36. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The stock has a market capitalization of $2.06 billion, a PE ratio of -12.50 and a beta of 2.11. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49.

Enovix (NASDAQ:ENVX) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $7.50 million during the quarter, compared to analysts’ expectations of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The firm’s revenue was up 98.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) earnings per share. On average, analysts predict that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

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 buy up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Enovix Company 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.