Comerica Bank Has $538,000 Stake in Enovix Co. (NASDAQ:ENVX)

Comerica Bank increased its position in shares of Enovix Co. (NASDAQ:ENVX) by 309.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,480 shares of the company’s stock after buying an additional 37,387 shares during the period. Comerica Bank’s holdings in Enovix were worth $538,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Lpwm LLC acquired a new position in Enovix during the fourth quarter worth $549,000. Vanguard Group Inc. boosted its position in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the period. Haven Private LLC bought a new position in Enovix during the fourth quarter worth $454,000. Register Financial Advisors LLC boosted its position in Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock worth $1,901,000 after purchasing an additional 110,750 shares during the period. Finally, Amundi boosted its position in Enovix by 360.8% during the fourth quarter. Amundi now owns 235,369 shares of the company’s stock worth $2,558,000 after purchasing an additional 184,294 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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 completion of the sale, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 15.70% of the company’s stock.

Enovix Stock Up 0.8%

Shares of NASDAQ ENVX opened at $7.99 on Thursday. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -5.51 and a beta of 1.99. Enovix Co. has a 12 month low of $5.27 and a 12 month high of $18.68. The stock has a 50-day moving average price of $6.94 and a two-hundred day moving average price of $9.11.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million during the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. As a group, analysts forecast that Enovix Co. will post -1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ENVX. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Benchmark reduced their target price on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Craig Hallum reduced their target price 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, TD Securities reduced their target price on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.27.

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.