Doheny Asset Management CA Sells 89,921 Shares of Enovix Co. (NASDAQ:ENVX)

Doheny Asset Management CA reduced its stake in shares of Enovix Co. (NASDAQ:ENVX) by 29.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 215,875 shares of the company’s stock after selling 89,921 shares during the quarter. Enovix comprises 1.8% of Doheny Asset Management CA’s portfolio, making the stock its 20th biggest position. Doheny Asset Management CA owned 0.12% of Enovix worth $2,347,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ENVX. Prospera Private Wealth LLC acquired a new position in Enovix during the third quarter valued at approximately $27,000. Fifth Third Bancorp boosted its position in shares of Enovix by 66.7% during the fourth quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock worth $27,000 after purchasing an additional 1,000 shares in the last quarter. Hollencrest Capital Management grew its holdings in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the period. R Squared Ltd acquired a new stake in Enovix during the 4th quarter worth $64,000. Finally, Quest Partners LLC raised its stake in Enovix by 318.5% during the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after buying an additional 6,294 shares during the period. 50.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

ENVX has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Enovix Price Performance

Shares of ENVX opened at $7.65 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 stock has a market capitalization of $1.46 billion, a P/E ratio of -5.28 and a beta of 1.94. The company has a 50 day moving average of $10.61 and a 200-day moving average of $10.09.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $8.77 million. As a group, equities research analysts forecast that Enovix Co. will post -1.01 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.70% of the stock is owned by company insiders.

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.