Zazove Associates LLC Has $498,000 Stock Position in Enovix Corporation $ENVX

Zazove Associates LLC lowered its position in Enovix Corporation (NASDAQ:ENVX) by 60.0% during the 3rd quarter, Holdings Channel reports. The fund owned 50,000 shares of the company’s stock after selling 75,000 shares during the period. Zazove Associates LLC’s holdings in Enovix were worth $498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Integrity Alliance LLC. acquired a new position in shares of Enovix during the first quarter worth approximately $98,000. Ieq Capital LLC acquired a new stake in Enovix in the 1st quarter valued at $104,000. Calamos Wealth Management LLC bought a new stake in Enovix during the 2nd quarter valued at $104,000. Secure Asset Management LLC acquired a new position in Enovix during the third quarter worth $112,000. Finally, Sava Infond d.o.o. lifted its stake in shares of Enovix by 83.3% in the second quarter. Sava Infond d.o.o. now owns 11,000 shares of the company’s stock valued at $114,000 after buying an additional 5,000 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Insider Activity

In other news, COO Ajay Marathe sold 18,614 shares of the firm’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total transaction of $241,982.00. Following the completion of the sale, the chief operating officer directly owned 1,002,684 shares of the company’s stock, valued at $13,034,892. This trade represents a 1.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 14.10% of the stock is currently owned by corporate insiders.

Enovix Price Performance

Enovix stock opened at $7.63 on Monday. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $16.49. The company’s 50 day moving average price is $9.08 and its two-hundred day moving average price is $10.40. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74. The stock has a market cap of $1.65 billion, a P/E ratio of -9.42 and a beta of 2.13.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. The business had revenue of $7.47 million during the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. On average, equities analysts predict that Enovix Corporation will post -1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a report on Monday, December 22nd. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 12th. Northland Securities set a $16.00 price objective on Enovix in a report on Monday, November 17th. Cantor Fitzgerald lowered their price objective on Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Finally, Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Hold” and an average price target of $17.50.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.