Creative Planning Has $511,000 Stock Holdings in Enovix Co. (NASDAQ:ENVX)

Creative Planning increased its position in shares of Enovix Co. (NASDAQ:ENVX) by 53.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,084 shares of the company’s stock after buying an additional 11,554 shares during the quarter. Creative Planning’s holdings in Enovix were worth $511,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Algert Global LLC acquired a new position in Enovix during the second quarter worth $223,000. Driehaus Capital Management LLC raised its holdings in shares of Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Scientech Research LLC bought a new position in Enovix in the 2nd quarter valued at about $834,000. The Manufacturers Life Insurance Company boosted its stake in Enovix by 8.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 85,403 shares of the company’s stock valued at $1,320,000 after purchasing an additional 6,484 shares during the last quarter. Finally, Delta Investment Management LLC bought a new stake in Enovix during the 2nd quarter worth approximately $155,000. Institutional investors own 50.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ENVX shares. Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. TD Cowen lifted their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Canaccord Genuity Group boosted their target price on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. B. Riley raised Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Benchmark started coverage on Enovix in a research report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $21.33.

Enovix Stock Performance

NASDAQ ENVX opened at $12.81 on Tuesday. The firm has a market cap of $2.18 billion, a P/E ratio of -9.56 and a beta of 1.98. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company’s 50 day moving average is $9.94 and its 200-day moving average is $10.79. Enovix Co. has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. Sell-side analysts predict that Enovix Co. will post -1.21 earnings per share 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.