AlphaQuest LLC Buys 3,884 Shares of Enovix Co. (NASDAQ:ENVX)

AlphaQuest LLC raised its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 47.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,154 shares of the company’s stock after acquiring an additional 3,884 shares during the period. AlphaQuest LLC’s holdings in Enovix were worth $132,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Geode Capital Management LLC grew its position in Enovix by 5.4% during 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 worth $14,656,000 after acquiring an additional 119,288 shares during the period. Stifel Financial Corp raised its holdings in Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after purchasing an additional 55,094 shares in the last quarter. Old West Investment Management LLC raised 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 worth $8,759,000 after purchasing an additional 102,452 shares in the last quarter. Finally, Fred Alger Management LLC raised 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 worth $5,498,000 after purchasing an additional 565,698 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ENVX has been the subject of several recent analyst reports. Craig Hallum lowered their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.30.

Enovix Price Performance

NASDAQ ENVX opened at $8.17 on Tuesday. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The firm has a market capitalization of $1.56 billion, a P/E ratio of -5.63 and a beta of 1.93. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average price of $10.53 and a 200-day moving average price of $10.08.

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

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.70% of the stock is currently owned by corporate insiders.

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.