Enovix Co. (NASDAQ:ENVX) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its holdings in Enovix Co. (NASDAQ:ENVX) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,583,685 shares of the company’s stock after acquiring an additional 182,757 shares during the period. Geode Capital Management LLC’s holdings in Enovix were worth $33,477,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ENVX. Oppenheimer & Co. Inc. increased its holdings in shares of Enovix by 52.2% in the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock valued at $2,541,000 after purchasing an additional 93,303 shares during the last quarter. Stifel Financial Corp increased its stake in shares of Enovix by 6.2% in the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after acquiring an additional 55,094 shares during the last quarter. One Wealth Advisors LLC purchased a new position in shares of Enovix during the 3rd quarter worth $700,000. Driehaus Capital Management LLC boosted its position in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after acquiring an additional 1,512,424 shares during the last quarter. Finally, Scientech Research LLC purchased a new stake in shares of Enovix in the second quarter valued at about $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is owned by corporate insiders.

Enovix Price Performance

Shares of ENVX opened at $10.08 on Thursday. The company has a market cap of $1.79 billion, a P/E ratio of -6.26 and a beta of 1.94. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The firm’s 50 day moving average price is $9.57 and its 200 day moving average price is $11.18.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned ($0.27) earnings per share. On average, research analysts forecast that Enovix Co. will post -1.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and a consensus price target 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.