Vanguard Group Inc. Raises Stake in Enovix Corporation $ENVX

Vanguard Group Inc. boosted its holdings in Enovix Corporation (NASDAQ:ENVX) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,013,563 shares of the company’s stock after acquiring an additional 175,599 shares during the period. Vanguard Group Inc. owned 0.08% of Enovix worth $159,655,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the stock. Perennial Investment Advisors LLC boosted its position in shares of Enovix by 50.2% in the second quarter. Perennial Investment Advisors LLC now owns 366,100 shares of the company’s stock worth $3,785,000 after acquiring an additional 122,278 shares during the last quarter. XTX Topco Ltd purchased a new position in Enovix during the second quarter worth approximately $1,107,000. Baird Financial Group Inc. boosted its holdings in shares of Enovix by 24.0% in the 2nd quarter. Baird Financial Group Inc. now owns 721,930 shares of the company’s stock valued at $7,465,000 after purchasing an additional 139,617 shares during the last quarter. Electron Capital Partners LLC grew its stake in shares of Enovix by 5.3% during the 2nd quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company’s stock valued at $73,065,000 after buying an additional 353,530 shares during the period. Finally, Scotia Capital Inc. increased its holdings in shares of Enovix by 49.5% during the 2nd quarter. Scotia Capital Inc. now owns 365,040 shares of the company’s stock worth $3,771,000 after buying an additional 120,897 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 7.0%

Shares of NASDAQ ENVX opened at $5.07 on Wednesday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. Enovix Corporation has a 1 year low of $5.03 and a 1 year high of $16.49. The stock’s 50-day simple moving average is $6.98 and its 200-day simple moving average is $8.80. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -6.58 and a beta of 2.15.

Analysts Set New Price Targets

ENVX has been the topic of a number of research analyst reports. TD Cowen reduced their target price on Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a report on Thursday, February 26th. B. Riley Financial reduced their price objective on Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. Canaccord Genuity Group decreased their target price on Enovix from $21.00 to $15.00 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, Craig Hallum reduced their price target on shares of Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.95.

Enovix Company Profile

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.