Fred Alger Management LLC Purchases 123,814 Shares of Enovix Corporation $ENVX

Fred Alger Management LLC boosted its position in Enovix Corporation (NASDAQ:ENVX) by 9.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,442,986 shares of the company’s stock after acquiring an additional 123,814 shares during the period. Fred Alger Management LLC owned 0.67% of Enovix worth $14,387,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Caitlin John LLC acquired a new position in Enovix during the 3rd quarter valued at about $27,000. Parallel Advisors LLC grew its position in shares of Enovix by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after buying an additional 1,342 shares during the period. Stone House Investment Management LLC raised its stake in shares of Enovix by 56.4% during the third quarter. Stone House Investment Management LLC now owns 7,922 shares of the company’s stock worth $79,000 after buying an additional 2,857 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Enovix during the third quarter worth approximately $80,000. Finally, Independent Advisor Alliance acquired a new position in Enovix in the third quarter valued at approximately $110,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Trading Up 2.6%

ENVX opened at $5.07 on Tuesday. The firm’s fifty day moving average is $6.47 and its two-hundred day moving average is $8.46. The firm has a market cap of $1.10 billion, a PE ratio of -6.58 and a beta of 2.15. Enovix Corporation has a twelve month low of $4.61 and a twelve month 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.

Analysts Set New Price Targets

A number of brokerages have issued reports on ENVX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Wells Fargo & Company set a $6.00 price target on Enovix in a research note on Thursday. TD Cowen reduced their price target on Enovix from $15.00 to $7.50 and set a “hold” rating on the stock in a research report on Thursday, February 26th. Bank of America assumed coverage on Enovix in a research note on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective for the company. Finally, Craig Hallum dropped their price objective on Enovix from $16.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock 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.