Merrion Investment Management Co LLC Lowers Holdings in Enovix Co. (NASDAQ:ENVX)

Merrion Investment Management Co LLC decreased its holdings in Enovix Co. (NASDAQ:ENVX) by 7.2% in the 1st quarter, according to 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 quarter. Merrion Investment Management Co LLC’s holdings in Enovix were worth $259,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Corient Private Wealth LLC grew its holdings in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after buying an additional 910 shares during the period. Beacon Capital Management LLC grew its holdings in shares of Enovix by 66.7% during the 4th quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after purchasing an additional 1,000 shares during the period. Insight Advisors LLC PA grew its holdings in shares of Enovix by 3.2% during the 4th quarter. Insight Advisors LLC PA now owns 44,354 shares of the company’s stock worth $555,000 after purchasing an additional 1,370 shares during the period. Scotia Capital Inc. grew its holdings in shares of Enovix by 7.7% during the 3rd quarter. Scotia Capital Inc. now owns 19,680 shares of the company’s stock worth $247,000 after purchasing an additional 1,410 shares during the period. Finally, WESPAC Advisors LLC grew its holdings in shares of Enovix by 5.4% during the 4th quarter. WESPAC Advisors LLC now owns 39,080 shares of the company’s stock worth $489,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction on Sunday, April 14th. The stock was 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 directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction 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 completion of the transaction, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the stock in a transaction on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now directly owns 978,913 shares of the company’s stock, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ENVX. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 target price on shares of Enovix in a report on Thursday. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday, April 25th. Craig Hallum reduced their price target on Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. William Blair reissued an “outperform” rating on shares of Enovix in a research 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 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 MarketBeat, Enovix has an average rating of “Buy” and an average price target of $18.33.

Enovix Stock Down 1.5 %

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

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company had revenue of $5.27 million for the quarter, compared to the consensus estimate 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.

About Enovix

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.