Salem Investment Counselors Inc. Cuts Stock Holdings in Enovix Co. (NASDAQ:ENVX)

Salem Investment Counselors Inc. lowered its stake in Enovix Co. (NASDAQ:ENVX) by 11.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,100 shares of the company’s stock after selling 10,275 shares during the period. Salem Investment Counselors Inc.’s holdings in Enovix were worth $849,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Commonwealth Equity Services LLC increased its stake in Enovix by 45.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock worth $1,073,000 after purchasing an additional 21,620 shares during the period. Rhumbline Advisers increased its stake in shares of Enovix by 13.7% in the second quarter. Rhumbline Advisers now owns 221,966 shares of the company’s stock worth $3,432,000 after buying an additional 26,724 shares during the period. Arizona State Retirement System boosted its position in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after buying an additional 905 shares during the period. Headlands Technologies LLC bought a new stake in Enovix in the 2nd quarter worth $97,000. Finally, Oppenheimer & Co. Inc. increased its position in shares of Enovix by 7.1% in the second quarter. Oppenheimer & Co. Inc. now owns 178,744 shares of the company’s stock valued at $2,763,000 after acquiring an additional 11,894 shares during the period. Institutional investors own 50.92% of the company’s stock.

Insider Activity

In related news, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now directly owns 99,497 shares in the company, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 15.70% of the company’s stock.

Enovix Trading Down 3.3 %

Shares of ENVX stock opened at $11.00 on Tuesday. The stock has a market capitalization of $1.96 billion, a P/E ratio of -6.83 and a beta of 1.86. 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 firm’s 50 day moving average is $9.92 and its 200 day moving average is $11.06. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the company posted ($0.27) earnings per share. Research analysts expect that Enovix Co. will post -1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ENVX. JPMorgan Chase & Co. cut their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Thursday, October 31st. Finally, Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Enovix has an average rating of “Moderate Buy” and an average price target of $20.50.

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.