Cornerstone Select Advisors LLC Buys New Position in Enovix Co. (NASDAQ:ENVX)

Cornerstone Select Advisors LLC purchased a new position in shares of Enovix Co. (NASDAQ:ENVX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 26,080 shares of the company’s stock, valued at approximately $283,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ENVX. Barclays PLC increased its holdings in shares of Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after acquiring an additional 199,166 shares during the period. Virtu Financial LLC purchased a new position in Enovix during the 3rd quarter worth $205,000. Franklin Resources Inc. increased its stake in Enovix by 81.4% in the third quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after purchasing an additional 35,711 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Enovix in the third quarter valued at about $117,000. Finally, Lpwm LLC acquired a new stake in shares of Enovix during the fourth quarter worth about $549,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Transactions at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the stock in a transaction on Thursday, February 27th. The stock was 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 owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

ENVX has been the subject of several analyst reports. B. Riley reduced their price objective on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Benchmark cut their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Finally, Craig Hallum cut their price objective on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Enovix has a consensus rating of “Moderate Buy” and a consensus price target of $17.27.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $6.09 on Wednesday. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company’s 50-day moving average price is $7.11 and its 200 day moving average price is $9.26. Enovix Co. has a 52 week low of $5.27 and a 52 week high of $18.68. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -4.20 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. As a group, research analysts forecast that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

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.