Royal Bank of Canada Acquires 28,591 Shares of Enovix Co. (NASDAQ:ENVX)

Royal Bank of Canada grew its holdings in Enovix Co. (NASDAQ:ENVX) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,933,073 shares of the company’s stock after acquiring an additional 28,591 shares during the period. Royal Bank of Canada’s holdings in Enovix were worth $21,012,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. ProShare Advisors LLC lifted its holdings in Enovix by 59.8% in the 4th quarter. ProShare Advisors LLC now owns 46,321 shares of the company’s stock worth $504,000 after purchasing an additional 17,342 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Enovix by 3.4% in the fourth quarter. Nuveen Asset Management LLC now owns 413,812 shares of the company’s stock worth $4,498,000 after buying an additional 13,562 shares in the last quarter. McGowan Group Asset Management Inc. boosted its position in shares of Enovix by 12.7% during the fourth quarter. McGowan Group Asset Management Inc. now owns 293,696 shares of the company’s stock worth $3,192,000 after acquiring an additional 33,185 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Enovix by 11.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 93,538 shares of the company’s stock valued at $1,017,000 after acquiring an additional 9,613 shares in the last quarter. Finally, Granahan Investment Management LLC grew its stake in Enovix by 10.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,358,992 shares of the company’s stock valued at $14,772,000 after acquiring an additional 124,293 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 15.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on ENVX shares. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. B. Riley lowered their target price on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, February 20th. Craig Hallum lowered their price objective on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Finally, Benchmark decreased their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $17.27.

Enovix Trading Up 0.4%

ENVX opened at $7.77 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The stock’s 50 day moving average price is $6.96 and its 200-day moving average price is $9.02. Enovix Co. has a one year low of $5.27 and a one year high of $18.68. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -5.36 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. On average, equities analysts forecast that Enovix Co. will post -1.01 EPS for the current year.

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.