Geode Capital Management LLC Raises Holdings in Enovix Co. (NASDAQ:ENVX)

Geode Capital Management LLC raised its stake in shares of Enovix Co. (NASDAQ:ENVX) by 5.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,583,685 shares of the company’s stock after acquiring an additional 182,757 shares during the quarter. Geode Capital Management LLC owned approximately 2.01% of Enovix worth $33,477,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Driehaus Capital Management LLC boosted its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of Enovix by 2,468.6% in the 3rd quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after buying an additional 565,698 shares in the last quarter. Old West Investment Management LLC grew its position in shares of Enovix by 47.6% in the 2nd quarter. Old West Investment Management LLC now owns 835,386 shares of the company’s stock worth $12,915,000 after buying an additional 269,371 shares during the last quarter. Sora Investors LLC raised its stake in shares of Enovix by 75.0% during the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock worth $4,904,000 after acquiring an additional 225,000 shares in the last quarter. Finally, Barclays PLC boosted its stake in Enovix by 376.9% in the third quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after acquiring an additional 199,166 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Stock Up 0.7 %

NASDAQ:ENVX opened at $10.08 on Thursday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company’s fifty day moving average price is $9.57 and its 200-day moving average price is $11.18. Enovix Co. has a 1-year low of $5.70 and a 1-year high of $18.68. The firm has a market capitalization of $1.79 billion, a P/E ratio of -6.26 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to the consensus estimate 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 period last year, the firm earned ($0.27) EPS. As a group, equities research analysts anticipate that Enovix Co. will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

ENVX has been the subject of several analyst reports. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Enovix currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by company insiders.

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.