Algert Global LLC Acquires New Stake in Enovix Co. (NASDAQ:ENVX)

Algert Global LLC acquired a new stake in shares of Enovix Co. (NASDAQ:ENVX) in the second quarter, HoldingsChannel reports. The institutional investor acquired 14,432 shares of the company’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. Able Wealth Management LLC bought a new stake in shares of Enovix in the 4th quarter worth $34,000. Beacon Capital Management LLC increased its holdings in shares of Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Voisard Asset Management Group Inc. bought a new stake in shares of Enovix in the 4th quarter worth $50,000. Institutional investors own 50.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. TD Cowen lifted their target price on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Canaccord Genuity Group lifted their price objective on Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price objective (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. 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. Based on data from MarketBeat.com, Enovix has a consensus rating of “Buy” and a consensus target price of $21.33.

Enovix Price Performance

NASDAQ ENVX opened at $11.70 on Friday. The business’s fifty day moving average is $9.90 and its 200 day moving average is $10.69. Enovix Co. has a fifty-two week low of $5.70 and a fifty-two week high of $18.68. The company has a market capitalization of $2.06 billion, a PE ratio of -8.73 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

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

About Enovix

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.