M&T Bank Corp Takes $183,000 Position in Enovix Co. (NASDAQ:ENVX)

M&T Bank Corp acquired a new stake in Enovix Co. (NASDAQ:ENVX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 16,790 shares of the company’s stock, valued at approximately $183,000.

Several other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of Enovix by 5.4% in the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after acquiring an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Enovix by 9.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company’s stock valued at $14,656,000 after buying an additional 119,288 shares during the last quarter. Stifel Financial Corp increased its holdings in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after buying an additional 55,094 shares during the last quarter. Old West Investment Management LLC increased its holdings in Enovix by 12.3% in the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after buying an additional 102,452 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in Enovix by 2,468.6% in the third 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 during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ENVX. Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, February 20th. Two equities 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Enovix Stock Up 6.1 %

ENVX opened at $7.65 on Friday. The business’s 50-day simple moving average is $10.61 and its 200-day simple moving average is $10.09. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The stock has a market capitalization of $1.46 billion, a P/E ratio of -5.28 and a beta of 1.94.

Enovix (NASDAQ:ENVX) last released its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The firm had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Analysts anticipate that Enovix Co. will post -1.01 EPS for the current year.

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.