Enovix Co. (NASDAQ:ENVX) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC boosted its holdings in Enovix Co. (NASDAQ:ENVX) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,818,827 shares of the company’s stock after acquiring an additional 235,142 shares during the period. Geode Capital Management LLC owned 2.15% of Enovix worth $41,520,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its holdings in Enovix by 66.7% during the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after acquiring an additional 1,000 shares during the period. Hodges Capital Management Inc. lifted its position in shares of Enovix by 1.8% during the fourth quarter. Hodges Capital Management Inc. now owns 57,500 shares of the company’s stock worth $625,000 after purchasing an additional 1,000 shares in the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of Enovix by 6.2% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 20,952 shares of the company’s stock valued at $228,000 after purchasing an additional 1,214 shares in the last quarter. Victory Capital Management Inc. increased its stake in Enovix by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company’s stock worth $214,000 after buying an additional 1,257 shares during the period. Finally, Nwam LLC lifted its holdings in Enovix by 14.0% during the 4th quarter. Nwam LLC now owns 11,907 shares of the company’s stock worth $129,000 after buying an additional 1,458 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 15.70% of the stock is currently owned by company insiders.

Enovix Price Performance

ENVX stock opened at $6.01 on Wednesday. The company’s 50 day moving average is $8.43 and its two-hundred day moving average is $9.78. Enovix Co. has a twelve month low of $5.27 and a twelve month high of $18.68. 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 stock has a market cap of $1.15 billion, a P/E ratio of -4.14 and a beta of 1.98.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Benchmark dropped their price target on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Finally, Craig Hallum reduced their price target on Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.30.

Enovix Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.