Wealth Effects LLC Decreases Position in Enovix Corporation $ENVX

Wealth Effects LLC decreased its holdings in Enovix Corporation (NASDAQ:ENVX) by 32.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 185,422 shares of the company’s stock after selling 87,850 shares during the period. Wealth Effects LLC owned approximately 0.09% of Enovix worth $1,355,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Enovix by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company’s stock valued at $159,655,000 after acquiring an additional 175,599 shares during the last quarter. Electron Capital Partners LLC raised its holdings in Enovix by 13.8% in the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after acquiring an additional 972,103 shares during the last quarter. Granahan Investment Management LLC raised its holdings in Enovix by 17.5% in the 3rd quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company’s stock valued at $17,444,000 after acquiring an additional 260,085 shares during the last quarter. Millennium Management LLC raised its holdings in Enovix by 1,038.9% in the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock valued at $14,724,000 after acquiring an additional 1,347,200 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in Enovix by 9.4% in the 3rd quarter. Fred Alger Management LLC now owns 1,442,986 shares of the company’s stock valued at $14,387,000 after acquiring an additional 123,814 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 0.8%

Enovix stock opened at $6.31 on Thursday. Enovix Corporation has a fifty-two week low of $4.61 and a fifty-two week high of $16.49. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The firm has a 50 day moving average price of $5.51 and a 200 day moving average price of $7.84. The company has a market capitalization of $1.37 billion, a PE ratio of -8.19 and a beta of 2.16.

Analysts Set New Price Targets

ENVX has been the subject of a number of recent research reports. Canaccord Genuity Group cut their price objective on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 26th. B. Riley Financial cut their price objective on shares of Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Craig Hallum cut their price target on shares of Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Oppenheimer restated an “outperform” rating on shares of Enovix in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Enovix in a report on Friday, April 10th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Enovix presently has a consensus rating of “Hold” and a consensus target price of $13.46.

About Enovix

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.