L & S Advisors Inc Buys 53,053 Shares of Enovix Corporation $ENVX

L & S Advisors Inc boosted its stake in Enovix Corporation (NASDAQ:ENVX) by 27.6% in the second quarter, HoldingsChannel reports. The firm owned 245,028 shares of the company’s stock after acquiring an additional 53,053 shares during the period. L & S Advisors Inc’s holdings in Enovix were worth $2,534,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Electron Capital Partners LLC increased its stake in shares of Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock valued at $49,272,000 after acquiring an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC increased its stake in Enovix by 1.4% in the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock valued at $41,122,000 after purchasing an additional 55,506 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Enovix by 1.8% in the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock worth $17,055,000 after purchasing an additional 41,559 shares during the period. Fred Alger Management LLC raised its holdings in Enovix by 21.5% in the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after purchasing an additional 394,532 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of Enovix in the 2nd quarter valued at $13,206,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on ENVX shares. Canaccord Genuity Group reduced their target price on Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Benchmark lifted their price objective on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 25th. JPMorgan Chase & Co. lowered their target price on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday. Wall Street Zen lowered shares of Enovix from a “hold” rating to a “sell” rating in a research note on Saturday, September 6th. Finally, Oppenheimer set a $24.00 target price on Enovix in a report on Thursday, November 6th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Enovix currently has a consensus rating of “Hold” and a consensus price target of $17.67.

Enovix Stock Down 3.2%

ENVX stock opened at $8.08 on Friday. Enovix Corporation has a 1-year low of $5.27 and a 1-year high of $16.49. The business’s 50 day simple moving average is $10.75 and its 200 day simple moving average is $10.26. The company has a current ratio of 9.72, a quick ratio of 9.47 and a debt-to-equity ratio of 1.74. The firm has a market capitalization of $1.74 billion, a PE ratio of -9.98 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The company had revenue of $7.47 million for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%. As a group, research analysts anticipate that Enovix Corporation will post -1.01 EPS for the current year.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total value of $1,441,200.00. Following the transaction, the chief operating officer directly owned 1,027,259 shares of the company’s stock, valued at $12,337,380.59. This represents a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.10% of the stock is currently owned by corporate insiders.

Enovix Profile

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.