Bessemer Group Inc. Grows Stake in Enovix Corporation $ENVX

Bessemer Group Inc. lifted its stake in shares of Enovix Corporation (NASDAQ:ENVX) by 400.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,534 shares of the company’s stock after purchasing an additional 10,030 shares during the period. Bessemer Group Inc.’s holdings in Enovix were worth $130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Electron Capital Partners LLC raised its holdings in shares of Enovix by 18.6% during the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock valued at $49,272,000 after acquiring an additional 1,054,029 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Fred Alger Management LLC lifted its holdings in Enovix by 21.5% in the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock valued at $16,393,000 after purchasing an additional 394,532 shares in the last quarter. CenterBook Partners LP lifted its holdings in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after purchasing an additional 721,309 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in Enovix in the 2nd quarter valued at $13,206,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Upgrades and Downgrades

ENVX has been the topic of a number of research reports. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Craig Hallum reiterated a “buy” rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Benchmark increased their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 25th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $12.00 price target (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Finally, B. Riley reiterated a “buy” rating and set a $17.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $17.88.

Enovix Price Performance

Shares of ENVX stock opened at $11.11 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The firm’s 50-day moving average is $10.80 and its two-hundred day moving average is $10.17. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49. The company has a market capitalization of $2.18 billion, a PE ratio of -13.23 and a beta of 2.09.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The business had revenue of $7.47 million during the quarter. Analysts predict that Enovix Corporation will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In other news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the completion of the transaction, the chief operating officer directly owned 1,027,259 shares in the company, valued at approximately $12,337,380.59. This represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.10% of the company’s stock.

About Enovix

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.