Intellectus Partners LLC Purchases 8,250 Shares of Enovix Co. (NASDAQ:ENVX)

Intellectus Partners LLC grew its stake in Enovix Co. (NASDAQ:ENVX) by 21.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,200 shares of the company’s stock after acquiring an additional 8,250 shares during the quarter. Intellectus Partners LLC’s holdings in Enovix were worth $441,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the last quarter. Beacon Capital Management LLC raised its stake in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Enovix during the second quarter valued at $39,000. Finally, Voisard Asset Management Group Inc. grew its position in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Transactions at Enovix

In other news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 15.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ENVX shares. Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Craig Hallum boosted their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. Two research 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 stock. According to MarketBeat.com, Enovix presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Enovix Price Performance

NASDAQ:ENVX opened at $8.48 on Friday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The business’s 50-day simple moving average is $9.98 and its two-hundred day simple moving average is $11.26. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The stock has a market cap of $1.51 billion, a PE ratio of -5.27 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the company earned ($0.27) earnings per share. As a group, analysts forecast that Enovix Co. will post -1.17 EPS for the current fiscal year.

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.