Millrace Asset Group Inc. Cuts Position in Enovix Co. (NASDAQ:ENVX)

Millrace Asset Group Inc. decreased its holdings in Enovix Co. (NASDAQ:ENVX) by 0.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 134,140 shares of the company’s stock after selling 1,214 shares during the quarter. Millrace Asset Group Inc.’s holdings in Enovix were worth $1,253,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Arizona State Retirement System raised its stake in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after buying an additional 905 shares during the period. Blue Trust Inc. raised its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. Voisard Asset Management Group Inc. lifted its holdings in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares in the last quarter. Clear Creek Financial Management LLC grew its position in shares of Enovix by 3.0% in the third quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock valued at $450,000 after purchasing an additional 1,400 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Enovix by 7.7% during the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after purchasing an additional 1,434 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Buying and Selling

In other news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.70% of the stock is currently owned by company insiders.

Enovix Trading Up 1.1 %

Shares of ENVX opened at $9.53 on Tuesday. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68. The firm has a market capitalization of $1.70 billion, a P/E ratio of -5.92 and a beta of 1.99. The firm has a 50-day moving average price of $10.00 and a 200 day moving average price of $11.31. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter in the prior year, the company posted ($0.27) EPS. Sell-side analysts forecast that Enovix Co. will post -1.17 EPS for the current year.

Analyst Ratings Changes

ENVX has been the topic of a number of research reports. TD Cowen raised their price target 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. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Finally, Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

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.