Transcend Capital Advisors LLC Takes Position in Enovix Co. (NASDAQ:ENVX)

Transcend Capital Advisors LLC bought a new stake in Enovix Co. (NASDAQ:ENVX) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 26,690 shares of the company’s stock, valued at approximately $389,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cetera Advisors LLC raised its position in shares of Enovix by 14.3% during the first quarter. Cetera Advisors LLC now owns 33,229 shares of the company’s stock worth $266,000 after purchasing an additional 4,148 shares during the period. Virtu Financial LLC acquired a new stake in shares of Enovix during the first quarter worth about $88,000. Beacon Capital Management LLC raised its position in Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after buying an additional 1,798 shares during the last quarter. Adalta Capital Management LLC raised its position in Enovix by 18.1% in the 1st quarter. Adalta Capital Management LLC now owns 54,231 shares of the company’s stock valued at $434,000 after buying an additional 8,320 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Enovix in the 1st quarter valued at approximately $85,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Trading Up 2.7 %

Shares of Enovix stock traded up $0.32 on Friday, hitting $11.97. 9,314,949 shares of the company’s stock traded hands, compared to its average volume of 5,957,213. Enovix Co. has a one year low of $5.70 and a one year high of $19.37. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. The company has a fifty day moving average of $13.90 and a two-hundred day moving average of $10.66. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -8.93 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative net margin of 1,434.34% and a negative return on equity of 84.28%. The business had revenue of $5.27 million for the quarter, compared to the consensus estimate of $4.16 million. As a group, sell-side analysts expect that Enovix Co. will post -1.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ENVX. TD Cowen upped their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday. Canaccord Genuity Group upped their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum upped their target price on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. William Blair reaffirmed an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and an average target price of $19.57.

Insider Activity at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 17.30% of the stock is owned by corporate insiders.

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.