Driehaus Capital Management LLC Boosts Holdings in Enovix Co. (NASDAQ:ENVX)

Driehaus Capital Management LLC boosted its stake in Enovix Co. (NASDAQ:ENVX) by 63.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,886,492 shares of the company’s stock after acquiring an additional 1,512,424 shares during the period. Driehaus Capital Management LLC owned about 2.29% of Enovix worth $60,085,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ENVX. Vanguard Group Inc. raised its holdings in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after buying an additional 164,717 shares during the last quarter. Electron Capital Partners LLC lifted its position in Enovix by 20.0% during the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after acquiring an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Enovix by 2,228.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after purchasing an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC increased its holdings in shares of Enovix by 3.8% in the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after purchasing an additional 50,000 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Enovix by 19.9% during the fourth quarter. Wells Fargo & Company MN now owns 1,034,055 shares of the company’s stock worth $12,946,000 after purchasing an additional 171,635 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Performance

Shares of ENVX stock opened at $9.55 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock has a market cap of $1.68 billion, a PE ratio of -7.12 and a beta of 1.99. Enovix Co. has a 1 year low of $5.70 and a 1 year high of $18.68. The stock has a fifty day moving average price of $10.53 and a 200 day moving average price of $10.51.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business 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%. Sell-side analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Analyst Ratings Changes

ENVX has been the topic of a number of analyst reports. Canaccord Genuity Group lifted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Benchmark began coverage on shares of Enovix in a report on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Piper Sandler reissued an “overweight” rating and set a $19.00 target price (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, Craig Hallum lifted their price target on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $21.33.

Enovix Company 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.