Refined Wealth Management Purchases 136,758 Shares of Enovix Co. (NASDAQ:ENVX)

Refined Wealth Management grew its position in shares of Enovix Co. (NASDAQ:ENVX) by 42.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 458,792 shares of the company’s stock after acquiring an additional 136,758 shares during the period. Enovix comprises 2.7% of Refined Wealth Management’s portfolio, making the stock its 14th largest position. Refined Wealth Management owned 0.27% of Enovix worth $3,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Beacon Capital Management LLC raised its stake in Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock worth $31,000 after buying an additional 1,000 shares in the last quarter. Able Wealth Management LLC bought a new position in Enovix in the fourth quarter worth about $34,000. Quest Partners LLC bought a new position in Enovix in the fourth quarter worth about $49,000. Voisard Asset Management Group Inc. bought a new position in Enovix in the fourth quarter worth about $50,000. Finally, Game Plan Financial Advisors LLC raised its stake in Enovix by 65.2% in the first quarter. Game Plan Financial Advisors LLC now owns 10,135 shares of the company’s stock worth $81,000 after buying an additional 4,000 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of brokerages have weighed in on ENVX. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. JPMorgan Chase & Co. decreased their target price on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Craig Hallum decreased their target price on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, April 25th. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. 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 company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.33.

Enovix Stock Down 6.0 %

Shares of NASDAQ:ENVX traded down $0.91 during trading on Tuesday, reaching $14.19. 6,079,784 shares of the stock traded hands, compared to its average volume of 5,338,211. The stock has a 50-day moving average of $10.53 and a two-hundred day moving average of $10.13. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $23.90. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.77 and a current ratio of 4.89. The stock has a market cap of $2.41 billion, a P/E ratio of -10.57 and a beta of 2.04.

Enovix (NASDAQ:ENVX) last posted 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). Enovix had a negative net margin of 1,448.90% and a negative return on equity of 85.47%. The firm had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. As a group, sell-side analysts expect that Enovix Co. will post -1.15 earnings per share for the current fiscal 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.