Summit Investment Advisors Inc. Acquires 2,851 Shares of Enovix Co. (NASDAQ:ENVX)

by · The Cerbat Gem

Summit Investment Advisors Inc. grew its holdings in Enovix Co. (NASDAQ:ENVX – Free Report) by 19.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,206 shares of the company’s stock after acquiring an additional 2,851 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Enovix were worth $187,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ENVX. Lpwm LLC bought a new stake in Enovix in the 4th quarter valued at $549,000. Vanguard Group Inc. raised its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Haven Private LLC acquired a new stake in Enovix during the fourth quarter worth about $454,000. Register Financial Advisors LLC grew its position in Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock worth $1,901,000 after buying an additional 110,750 shares in the last quarter. Finally, Amundi increased its stake in Enovix by 360.8% during the fourth quarter. Amundi now owns 235,369 shares of the company’s stock valued at $2,558,000 after acquiring an additional 184,294 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 15.70% of the company’s stock.

Enovix Trading Up 0.3 %

Shares of ENVX stock opened at $6.16 on Wednesday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.18 billion, a P/E ratio of -4.25 and a beta of 1.98. Enovix Co. has a 12-month low of $5.27 and a 12-month high of $18.68. The firm has a 50-day moving average price of $7.92 and a 200 day moving average price of $9.64.

Enovix (NASDAQ:ENVX – Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate 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 business had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Research analysts forecast that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ENVX. Craig Hallum decreased their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Finally, Benchmark reduced their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Two research 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 stock. Based on data from MarketBeat, Enovix presently has an average rating of “Moderate Buy” and a consensus price target of $19.30.

Check Out Our Latest Stock Report on Enovix

About Enovix

(Free Report)

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.

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