Sentry Investment Management LLC Buys Shares of 12,882 Enovix Co. (NASDAQ:ENVX)

Sentry Investment Management LLC purchased a new stake in Enovix Co. (NASDAQ:ENVX) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 12,882 shares of the company’s stock, valued at approximately $120,000.

Several other large investors have also modified their holdings of the business. Blue Trust Inc. increased its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares in the last quarter. Beacon Capital Management LLC increased its position in Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after purchasing an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix during the 2nd quarter worth about $39,000. Finally, Voisard Asset Management Group Inc. boosted its stake in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ENVX. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Oppenheimer reiterated an “outperform” rating and set a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Finally, Canaccord Genuity Group lifted their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 15.70% of the stock is owned by corporate insiders.

Enovix Stock Performance

NASDAQ ENVX opened at $9.14 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The firm has a market capitalization of $1.63 billion, a P/E ratio of -5.73 and a beta of 1.99. The business’s 50-day simple moving average is $9.99 and its 200-day simple moving average is $11.15.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The firm had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the previous year, the company posted ($0.27) earnings per share. Equities analysts predict that Enovix Co. will post -1.2 EPS for the current year.

About Enovix

Enovix Corporation designs, develops, and manufactures 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.