Wealth Effects LLC Purchases 16,500 Shares of Enovix Co. (NASDAQ:ENVX)

Wealth Effects LLC boosted its position in shares of Enovix Co. (NASDAQ:ENVX) by 7.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 245,501 shares of the company’s stock after purchasing an additional 16,500 shares during the quarter. Enovix accounts for about 0.8% of Wealth Effects LLC’s investment portfolio, making the stock its 21st biggest holding. Wealth Effects LLC owned about 0.14% of Enovix worth $2,293,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ENVX. Blue Trust Inc. lifted its holdings in shares of Enovix by 102.1% during the 2nd 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. Beacon Capital Management LLC lifted its stake in Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after purchasing an additional 1,798 shares during the last quarter. GAMMA Investing LLC lifted its position 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 valued at $37,000 after buying an additional 2,347 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix during the 2nd quarter worth about $39,000. Finally, Voisard Asset Management Group Inc. grew its position in shares of Enovix by 25.0% in 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 during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 17.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ENVX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Benchmark initiated coverage on shares of Enovix in a research note on Monday, July 22nd. They issued a “buy” rating and a $25.00 price target on the stock. B. Riley raised Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Craig Hallum lifted their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Canaccord Genuity Group increased their price objective on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Buy” and a consensus target price of $21.33.

Enovix Stock Performance

ENVX traded down $0.30 during trading on Monday, hitting $11.15. 1,431,659 shares of the company traded hands, compared to its average volume of 5,460,865. The firm has a market cap of $1.90 billion, a P/E ratio of -8.40 and a beta of 1.98. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The stock’s fifty day moving average is $9.98 and its 200 day moving average is $10.90.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The business had revenue of $3.77 million for the quarter, compared to analysts’ expectations of $3.85 million. As a group, equities analysts predict that Enovix Co. will post -1.21 EPS for the current fiscal 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.