Vanguard Group Inc. Increases Stake in Enovix Corporation $ENVX

Vanguard Group Inc. lifted its position in Enovix Corporation (NASDAQ:ENVX) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,013,563 shares of the company’s stock after acquiring an additional 175,599 shares during the quarter. Vanguard Group Inc. owned 8.15% of Enovix worth $159,655,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in Enovix by 7.6% in the third quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock worth $126,000 after purchasing an additional 895 shares during the period. Franklin Resources Inc. grew its stake in Enovix by 1.1% in the 2nd quarter. Franklin Resources Inc. now owns 96,239 shares of the company’s stock worth $995,000 after acquiring an additional 1,093 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Enovix by 5.7% during the second quarter. Teacher Retirement System of Texas now owns 24,606 shares of the company’s stock worth $254,000 after acquiring an additional 1,336 shares during the period. Avenir Corp raised its stake in shares of Enovix by 3.8% during the second quarter. Avenir Corp now owns 47,480 shares of the company’s stock valued at $491,000 after acquiring an additional 1,730 shares in the last quarter. Finally, WESPAC Advisors LLC grew its stake in Enovix by 8.0% in the third quarter. WESPAC Advisors LLC now owns 26,378 shares of the company’s stock worth $263,000 after purchasing an additional 1,965 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 7.0%

ENVX stock opened at $5.07 on Wednesday. Enovix Corporation has a 12 month low of $5.03 and a 12 month high of $16.49. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -6.58 and a beta of 2.15. The company has a current ratio of 8.34, a quick ratio of 8.13 and a debt-to-equity ratio of 1.90. The firm has a 50-day moving average of $6.98 and a two-hundred day moving average of $8.80.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ENVX shares. Canaccord Genuity Group lowered their price objective on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Craig Hallum cut their target price on Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Northland Securities set a $16.00 price objective on Enovix in a research report on Monday, November 17th. Oppenheimer restated an “outperform” rating on shares of Enovix in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a research note on Monday, December 29th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $14.95.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.