10,540 Shares in Enovix Co. (NASDAQ:ENVX) Acquired by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV acquired a new position in Enovix Co. (NASDAQ:ENVX) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,540 shares of the company’s stock, valued at approximately $163,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in Enovix by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock worth $620,000 after purchasing an additional 905 shares during the period. Corient Private Wealth LLC lifted its position in Enovix by 1.9% in the 4th quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock worth $621,000 after buying an additional 910 shares in the last quarter. Blue Trust Inc. lifted its position in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after buying an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. lifted its position in Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after buying an additional 1,434 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on ENVX. Canaccord Genuity Group increased their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Craig Hallum increased their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Benchmark initiated coverage on shares of Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target on the stock. Finally, Piper Sandler restated an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Enovix presently has a consensus rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Performance

NASDAQ ENVX opened at $8.58 on Wednesday. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company’s fifty day moving average is $10.26 and its two-hundred day moving average is $10.55. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -6.40 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.

Enovix (NASDAQ:ENVX) last announced its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Equities research analysts forecast 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.