tru Independence LLC Sells 15,025 Shares of Enovix Co. (NASDAQ:ENVX)

tru Independence LLC lowered its stake in Enovix Co. (NASDAQ:ENVX) by 5.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 285,210 shares of the company’s stock after selling 15,025 shares during the quarter. tru Independence LLC owned 0.16% of Enovix worth $3,100,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Prospera Private Wealth LLC bought a new stake in Enovix during the 3rd quarter valued at $27,000. Fifth Third Bancorp increased 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 acquiring an additional 1,000 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix during the second quarter worth about $39,000. Voisard Asset Management Group Inc. increased its position in shares of Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Quest Partners LLC increased its holdings 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 purchasing an additional 6,294 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on ENVX. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Thursday, October 31st. Finally, Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Stock Down 7.0 %

Shares of NASDAQ ENVX opened at $11.45 on Monday. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The business has a 50-day simple moving average of $10.30 and a two-hundred day simple moving average of $10.77. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market cap of $2.04 billion, a P/E ratio of -7.30 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same period last year, the business earned ($0.27) earnings per share. Research analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the sale, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 15.70% of the company’s stock.

Enovix 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.