Fred Alger Management LLC Invests $354,000 in Enovix Co. (NASDAQ:ENVX)

Fred Alger Management LLC purchased a new position in shares of Enovix Co. (NASDAQ:ENVX) during the second quarter, Holdings Channel reports. The institutional investor purchased 22,916 shares of the company’s stock, valued at approximately $354,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its position in Enovix by 2.3% during the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after purchasing an additional 905 shares in the last quarter. Corient Private Wealth LLC boosted its position in Enovix by 1.9% during the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company’s stock valued at $621,000 after purchasing an additional 910 shares in the last quarter. Blue Trust Inc. boosted its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. boosted its position in Enovix by 25.0% during the second quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock valued at $77,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Enovix by 7.7% during the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after purchasing an additional 1,434 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

NASDAQ:ENVX opened at $9.55 on Friday. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $1.68 billion, a P/E ratio of -7.12 and a beta of 1.99. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The stock’s fifty day moving average is $10.53 and its two-hundred day moving average is $10.51.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. Equities analysts expect that Enovix Co. will post -1.21 EPS for the current year.

Analysts Set New Price Targets

ENVX has been the subject of several recent analyst reports. TD Cowen raised their price target on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Benchmark initiated coverage on Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target for the company. Craig Hallum raised their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Canaccord Genuity Group raised their price target on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $21.33.

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.