Enovix Co. (NASDAQ:ENVX) Shares Sold by Merrion Investment Management Co LLC

Merrion Investment Management Co LLC reduced its position in Enovix Co. (NASDAQ:ENVX) by 7.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,350 shares of the company’s stock after selling 2,500 shares during the period. Merrion Investment Management Co LLC’s holdings in Enovix were worth $259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ENVX. Corient Private Wealth LLC raised its position in Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after acquiring an additional 910 shares during the period. Beacon Capital Management LLC raised its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the period. Insight Advisors LLC PA grew its holdings in shares of Enovix by 3.2% during the fourth quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after buying an additional 1,370 shares in the last quarter. Scotia Capital Inc. grew its holdings in shares of Enovix by 7.7% during the third quarter. Scotia Capital Inc. now owns 19,680 shares of the company’s stock worth $247,000 after buying an additional 1,410 shares in the last quarter. Finally, WESPAC Advisors LLC grew its holdings in shares of Enovix by 5.4% during the fourth quarter. WESPAC Advisors LLC now owns 39,080 shares of the company’s stock worth $489,000 after buying an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, April 26th. B. Riley raised shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, April 25th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a report on Thursday. Finally, Craig Hallum dropped their price objective on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $18.33.

Insiders Place Their Bets

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Ajay Marathe sold 4,954 shares of the stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Reichow sold 7,500 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the sale, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The disclosure for this sale can be found here. 17.30% of the stock is currently owned by insiders.

Enovix Trading Down 1.5 %

Shares of ENVX traded down $0.23 during mid-day trading on Friday, reaching $15.46. The stock had a trading volume of 8,479,331 shares, compared to its average volume of 6,572,609. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $23.90. The business’s fifty day moving average is $10.35 and its 200 day moving average is $10.14. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -11.54 and a beta of 1.95.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, May 1st. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. On average, sell-side analysts predict that Enovix Co. will post -1.15 EPS for the current fiscal year.

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.