Concurrent Investment Advisors LLC Cuts Stock Holdings in Enovix Corporation $ENVX

Concurrent Investment Advisors LLC lowered its position in Enovix Corporation (NASDAQ:ENVX) by 33.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,456 shares of the company’s stock after selling 22,148 shares during the period. Concurrent Investment Advisors LLC’s holdings in Enovix were worth $460,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ENVX. tru Independence LLC lifted its holdings in shares of Enovix by 0.4% in the 2nd quarter. tru Independence LLC now owns 295,690 shares of the company’s stock valued at $3,057,000 after buying an additional 1,155 shares during the period. Wealthcare Advisory Partners LLC raised its position in Enovix by 8.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 22,640 shares of the company’s stock worth $234,000 after acquiring an additional 1,714 shares in the last quarter. DDD Partners LLC raised its position in Enovix by 5.9% in the first quarter. DDD Partners LLC now owns 31,461 shares of the company’s stock worth $231,000 after acquiring an additional 1,764 shares in the last quarter. Strong Tower Advisory Services lifted its holdings in Enovix by 1.4% in the second quarter. Strong Tower Advisory Services now owns 146,031 shares of the company’s stock valued at $1,510,000 after acquiring an additional 1,986 shares during the period. Finally, Sava Infond d.o.o. boosted its position in shares of Enovix by 50.0% during the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company’s stock worth $44,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 2.6%

Shares of ENVX opened at $11.21 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. Enovix Corporation has a 1-year low of $5.27 and a 1-year high of $16.49. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -13.35 and a beta of 2.07. The firm has a 50 day simple moving average of $10.47 and a 200-day simple moving average of $9.64.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The company had revenue of $7.47 million for the quarter. Equities analysts forecast that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 2nd that permits the company to buyback $60.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ENVX. Wall Street Zen downgraded shares of Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Benchmark increased their target price on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 25th. TD Cowen upgraded shares of Enovix to a “hold” rating and lifted their price target for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Craig Hallum restated a “buy” rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $12.00 price objective (up from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Enovix currently has an average rating of “Hold” and an average target price of $17.00.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 18,614 shares of the business’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $13.00, for a total value of $241,982.00. Following the completion of the transaction, the chief operating officer owned 1,002,684 shares of the company’s stock, valued at approximately $13,034,892. The trade was a 1.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.10% of the company’s stock.

About Enovix

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.