Wealth Effects LLC Raises Stake in Enovix Co. (NASDAQ:ENVX)

Wealth Effects LLC increased its position in shares of Enovix Co. (NASDAQ:ENVX) by 55.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,001 shares of the company’s stock after purchasing an additional 81,801 shares during the period. Enovix accounts for 1.3% of Wealth Effects LLC’s portfolio, making the stock its 12th largest holding. Wealth Effects LLC owned 0.13% of Enovix worth $3,540,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ENVX. Blue Trust Inc. grew its position in shares of Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares during the last quarter. Able Wealth Management LLC purchased a new position in shares of Enovix in the fourth quarter worth $34,000. Quest Partners LLC purchased a new stake in Enovix in the 4th quarter worth $49,000. Finally, Voisard Asset Management Group Inc. purchased a new stake in shares of Enovix during the 4th quarter worth approximately $50,000. Institutional investors own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ENVX. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Benchmark initiated coverage on Enovix in a research report on Monday, July 22nd. They set a “buy” rating and a $25.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $21.33.

Enovix Stock Up 1.0 %

ENVX traded up $0.09 during trading on Wednesday, hitting $8.72. The stock had a trading volume of 424,683 shares, compared to its average volume of 5,370,297. The stock has a 50 day simple moving average of $13.26 and a two-hundred day simple moving average of $10.66. The company has a market capitalization of $1.54 billion, a PE ratio of -6.44 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million during the quarter, compared to the consensus estimate of $3.85 million. On average, research analysts predict that Enovix Co. will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 17.30% of the stock is currently owned by company insiders.

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.