Royce & Associates LP Purchases New Position in Enovix Corporation $ENVX

Royce & Associates LP acquired a new position in Enovix Corporation (NASDAQ:ENVX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 119,037 shares of the company’s stock, valued at approximately $1,187,000. Royce & Associates LP owned about 0.06% of Enovix at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caitlin John LLC bought a new position in Enovix during the third quarter valued at $27,000. Stone House Investment Management LLC increased its holdings in shares of Enovix by 56.4% in the 3rd quarter. Stone House Investment Management LLC now owns 7,922 shares of the company’s stock worth $79,000 after buying an additional 2,857 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Enovix during the 3rd quarter valued at about $80,000. Independent Advisor Alliance purchased a new stake in shares of Enovix during the 3rd quarter valued at about $110,000. Finally, Secure Asset Management LLC bought a new position in shares of Enovix in the 3rd quarter valued at about $112,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Stock Performance

Shares of ENVX stock opened at $4.85 on Friday. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The company has a market cap of $1.05 billion, a PE ratio of -6.30 and a beta of 2.15. The business’s fifty day simple moving average is $6.80 and its 200-day simple moving average is $8.71. Enovix Corporation has a 12-month low of $4.84 and a 12-month high of $16.49.

Analyst Upgrades and Downgrades

ENVX has been the subject of several recent research reports. Craig Hallum dropped their price target on Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Northland Securities set a $16.00 target price on Enovix in a research report on Monday, November 17th. JPMorgan Chase & Co. lowered their price target on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Finally, Oppenheimer reissued an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average target price of $14.95.

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.