Quest Partners LLC Buys 6,294 Shares of Enovix Co. (NASDAQ:ENVX)

Quest Partners LLC increased its stake in shares of Enovix Co. (NASDAQ:ENVX) by 318.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,270 shares of the company’s stock after buying an additional 6,294 shares during the quarter. Quest Partners LLC’s holdings in Enovix were worth $77,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ENVX. Oppenheimer & Co. Inc. grew its stake in shares of Enovix by 52.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after acquiring an additional 93,303 shares in the last quarter. One Wealth Advisors LLC bought a new stake in Enovix in the 3rd quarter worth about $700,000. Vanguard Group Inc. increased its stake in Enovix by 1.3% in the 1st 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. Driehaus Capital Management LLC lifted its position in shares of Enovix by 63.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Finally, Scientech Research LLC purchased a new position in shares of Enovix in the 2nd quarter worth approximately $834,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ENVX shares. JPMorgan Chase & Co. decreased their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Oppenheimer reiterated an “outperform” rating and set a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insiders Place Their Bets

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.70% of the stock is owned by corporate insiders.

Enovix Stock Performance

Shares of ENVX stock opened at $9.25 on Friday. Enovix Co. has a 12 month low of $5.70 and a 12 month high of $18.68. The stock has a market capitalization of $1.65 billion, a P/E ratio of -5.75 and a beta of 1.99. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The firm’s 50 day moving average is $10.03 and its 200 day moving average is $11.29.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the business posted ($0.27) earnings per share. On average, sell-side analysts anticipate that Enovix Co. will post -1.17 earnings per share for the current year.

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.