Electron Capital Partners LLC Grows Stock Holdings in Enovix Co. (NASDAQ:ENVX)

Electron Capital Partners LLC grew its stake in shares of Enovix Co. (NASDAQ:ENVX) by 20.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,239,296 shares of the company’s stock after acquiring an additional 540,399 shares during the period. Enovix comprises approximately 1.7% of Electron Capital Partners LLC’s investment portfolio, making the stock its 21st biggest holding. Electron Capital Partners LLC owned approximately 1.93% of Enovix worth $40,556,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ENVX. Vanguard Group Inc. raised its holdings in shares of Enovix by 9.5% in the third quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock valued at $155,814,000 after acquiring an additional 1,072,508 shares in the last quarter. Masters Capital Management LLC lifted its position in shares of Enovix by 18.2% in the 4th quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company’s stock worth $16,276,000 after purchasing an additional 200,000 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Enovix by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after buying an additional 55,157 shares during the period. Wells Fargo & Company MN raised its stake in Enovix by 19.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after buying an additional 171,635 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in Enovix by 4.4% during the fourth quarter. Stifel Financial Corp now owns 652,262 shares of the company’s stock worth $8,166,000 after buying an additional 27,662 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 firm’s stock in a transaction on 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 filing with the SEC, which is available at the SEC website. 17.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ENVX has been the subject of several recent research reports. B. Riley reduced their price target on Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Craig Hallum lowered their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Finally, William Blair reiterated an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average price target of $18.33.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded down $0.69 on Friday, hitting $12.20. 4,750,389 shares of the company were exchanged, compared to its average volume of 5,135,399. The company has a current ratio of 4.89, a quick ratio of 4.77 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $9.03 and its 200 day moving average price is $10.01. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $23.90. The firm has a market capitalization of $2.07 billion, a P/E ratio of -9.10 and a beta of 1.95.

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

Enovix Company 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.