Enovix Co. (NASDAQ:ENVX) Holdings Lowered by Electron Capital Partners LLC

Electron Capital Partners LLC reduced its holdings in Enovix Co. (NASDAQ:ENVX) by 99.9% during the second quarter, Holdings Channel reports. The firm owned 5,276 shares of the company’s stock after selling 5,613,325 shares during the period. Electron Capital Partners LLC’s holdings in Enovix were worth $82,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Blue Trust Inc. grew its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. Able Wealth Management LLC acquired a new position in Enovix during the 4th quarter valued at $34,000. Beacon Capital Management LLC boosted its position in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Enovix by 11,176.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after acquiring an additional 2,347 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Enovix during the 4th quarter valued at about $49,000. 50.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ENVX has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Thursday, August 1st. Benchmark began coverage on shares of Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 target price for the company. TD Cowen upped their target price on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Piper Sandler reaffirmed 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. Finally, B. Riley upgraded shares of Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.33.

Enovix Stock Performance

Shares of ENVX stock opened at $9.07 on Thursday. The stock has a market cap of $1.54 billion, a P/E ratio of -6.77 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company has a fifty day moving average price of $10.78 and a two-hundred day moving average price of $10.51. Enovix Co. has a one year low of $5.70 and a one year 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, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. As a group, equities analysts predict that Enovix Co. will post -1.21 EPS for the current year.

Enovix 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.