Reynders McVeigh Capital Management LLC Has $1.83 Million Stock Holdings in Enovix Co. (NASDAQ:ENVX)

Reynders McVeigh Capital Management LLC boosted its stake in shares of Enovix Co. (NASDAQ:ENVX) by 32.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 195,362 shares of the company’s stock after purchasing an additional 47,835 shares during the period. Reynders McVeigh Capital Management LLC owned 0.11% of Enovix worth $1,825,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Driehaus Capital Management LLC boosted its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Enovix by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock valued at $11,479,000 after buying an additional 73,320 shares during the period. Old West Investment Management LLC raised its stake in Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after buying an additional 102,452 shares during the period. Fred Alger Management LLC raised its stake in Enovix by 2,468.6% in the third quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after buying an additional 565,698 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Enovix by 13.7% in the second quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after buying an additional 69,098 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Performance

NASDAQ:ENVX opened at $9.89 on Wednesday. The stock has a fifty day moving average price of $10.08 and a 200-day moving average price of $11.32. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -6.14 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The firm had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period in the prior year, the company posted ($0.27) EPS. As a group, equities analysts anticipate that Enovix Co. will post -1.17 EPS for the current fiscal year.

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Analyst Ratings Changes

ENVX has been the topic of several research analyst reports. Oppenheimer restated an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Two investment analysts have 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, Enovix currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

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.