Parallel Advisors LLC Has $55,000 Position in Enovix Co. (NASDAQ:ENVX)

Parallel Advisors LLC increased its stake in Enovix Co. (NASDAQ:ENVX) by 103.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 7,557 shares of the company’s stock after purchasing an additional 3,849 shares during the quarter. Parallel Advisors LLC’s holdings in Enovix were worth $55,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC lifted its holdings in Enovix by 0.5% in the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after purchasing an additional 29,109 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after purchasing an additional 235,142 shares during the last quarter. Royal Bank of Canada lifted its holdings in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock worth $21,012,000 after purchasing an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC lifted its holdings in shares of Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after buying an additional 1,250,300 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. JPMorgan Chase & Co. cut their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. Benchmark cut their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. B. Riley cut their price target on Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Finally, Craig Hallum cut their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $17.27.

Enovix Stock Performance

ENVX opened at $8.31 on Monday. The stock has a market cap of $1.60 billion, a PE ratio of -5.73 and a beta of 2.00. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix Co. has a 1 year low of $5.27 and a 1 year high of $18.68. The stock’s 50 day simple moving average is $6.95 and its 200-day simple moving average is $8.95.

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.