Redwood Wealth Management Group LLC Takes $165,000 Position in Enovix Co. (NASDAQ:ENVX)

Redwood Wealth Management Group LLC bought a new position in Enovix Co. (NASDAQ:ENVX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 10,650 shares of the company’s stock, valued at approximately $165,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its position in shares of Enovix by 29.3% during the 4th quarter. Victory Capital Management Inc. now owns 18,423 shares of the company’s stock valued at $231,000 after acquiring an additional 4,170 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after purchasing an additional 55,157 shares during the period. Jump Financial LLC purchased a new position in Enovix in the 4th quarter worth about $934,000. Avantax Advisory Services Inc. raised its holdings in Enovix by 37.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 22,803 shares of the company’s stock worth $285,000 after buying an additional 6,256 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in Enovix by 5.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 97,979 shares of the company’s stock valued at $1,227,000 after buying an additional 4,971 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Benchmark began coverage on shares of Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price on the stock. TD Cowen boosted their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, August 1st. Finally, Craig Hallum increased their price objective on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $21.33.

Insider Activity

In related news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 17.30% of the stock is owned by insiders.

Enovix Stock Performance

Shares of ENVX stock opened at $9.70 on Monday. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The stock’s 50-day moving average is $12.19 and its two-hundred day moving average is $10.55. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The firm has a market cap of $1.71 billion, a P/E ratio of -7.24 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Analysts predict that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Enovix Company Profile

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.