Handelsbanken Fonder AB Sells 231,619 Shares of Enovix Co. (NASDAQ:ENVX)

Handelsbanken Fonder AB lessened its stake in shares of Enovix Co. (NASDAQ:ENVX) by 15.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,311,520 shares of the company’s stock after selling 231,619 shares during the period. Handelsbanken Fonder AB’s holdings in Enovix were worth $14,256,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Fifth Third Bancorp increased its stake in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after acquiring an additional 1,000 shares during the period. Hodges Capital Management Inc. increased its stake in Enovix by 1.8% during the 4th quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock worth $625,000 after acquiring an additional 1,000 shares during the period. Wealthcare Advisory Partners LLC increased its stake in Enovix by 6.2% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock worth $228,000 after acquiring an additional 1,214 shares during the period. Rockefeller Capital Management L.P. increased its stake in Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock worth $202,000 after acquiring an additional 1,367 shares during the period. Finally, Clear Creek Financial Management LLC increased its stake in Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after acquiring an additional 1,400 shares during the period. Institutional investors own 50.92% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ENVX shares. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Thursday, October 31st. Craig Hallum reduced their target price on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday. Two equities research 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 company’s stock. Based on data from MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Insiders Place Their Bets

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 15.70% of the company’s stock.

Enovix Trading Down 6.6 %

NASDAQ ENVX opened at $10.72 on Friday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -7.39 and a beta of 1.87. The business’s fifty day moving average is $11.15 and its 200 day moving average is $10.30.

Enovix (NASDAQ:ENVX) 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. The firm had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. As a group, sell-side analysts expect that Enovix Co. will post -1.01 EPS for the current fiscal 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.