PNC Financial Services Group Inc. Sells 11,841 Shares of Enovix Corporation $ENVX

PNC Financial Services Group Inc. cut its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 29.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,060 shares of the company’s stock after selling 11,841 shares during the period. PNC Financial Services Group Inc.’s holdings in Enovix were worth $213,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bayforest Capital Ltd bought a new position in shares of Enovix in the 1st quarter valued at $385,000. Deuterium Capital Management LLC increased its holdings in Enovix by 7.3% in the first quarter. Deuterium Capital Management LLC now owns 179,776 shares of the company’s stock valued at $1,320,000 after purchasing an additional 12,250 shares during the period. Richards Merrill & Peterson Inc. increased its holdings in Enovix by 12.2% in the first quarter. Richards Merrill & Peterson Inc. now owns 63,085 shares of the company’s stock valued at $463,000 after purchasing an additional 6,877 shares during the period. LPL Financial LLC increased its holdings in Enovix by 7.8% in the first quarter. LPL Financial LLC now owns 333,427 shares of the company’s stock valued at $2,447,000 after purchasing an additional 24,068 shares during the period. Finally, HB Wealth Management LLC increased its holdings in Enovix by 64.3% in the first quarter. HB Wealth Management LLC now owns 27,314 shares of the company’s stock valued at $200,000 after purchasing an additional 10,686 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Enovix Trading Down 2.8%

Shares of ENVX stock opened at $10.21 on Monday. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $16.49. The stock has a market capitalization of $2.01 billion, a P/E ratio of -12.15 and a beta of 2.11. The firm’s 50 day moving average is $11.56 and its 200 day moving average is $9.31.

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

Enovix announced that its board has approved a stock repurchase plan on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ENVX shares. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 price objective (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. TD Cowen upgraded Enovix to a “hold” rating and increased their price target for the stock from $7.00 to $15.00 in a report on Monday, July 7th. Canaccord Genuity Group increased their price target on Enovix from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Wall Street Zen upgraded Enovix from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Cowen reiterated a “hold” rating on shares of Enovix in a report on Tuesday, July 8th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.90.

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.