Diametric Capital LP Reduces Position in Enovix Co. (NASDAQ:ENVX)

Diametric Capital LP trimmed its holdings in Enovix Co. (NASDAQ:ENVX) by 54.6% during the fourth quarter, HoldingsChannel reports. The firm owned 11,284 shares of the company’s stock after selling 13,562 shares during the period. Diametric Capital LP’s holdings in Enovix were worth $123,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of ENVX. Vanguard Group Inc. increased its holdings in shares of Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Geode Capital Management LLC grew its holdings in Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after buying an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Enovix by 9.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company’s stock worth $14,656,000 after acquiring an additional 119,288 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of Enovix by 6.2% during the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after acquiring an additional 55,094 shares during the period. Finally, Old West Investment Management LLC boosted its position in shares of Enovix by 12.3% during the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after acquiring an additional 102,452 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Up 2.6 %

ENVX opened at $7.63 on Thursday. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68. The business has a fifty day moving average price of $9.69 and a 200 day moving average price of $10.01. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -5.26 and a beta of 1.93.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (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 the consensus estimate of $8.77 million. Sell-side analysts expect that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 15.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ENVX shares. Craig Hallum cut their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.30.

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.