Vanguard Group Inc. Purchases 1,072,508 Shares of Enovix Co. (NASDAQ:ENVX)

Vanguard Group Inc. increased its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 9.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,415,485 shares of the company’s stock after acquiring an additional 1,072,508 shares during the quarter. Vanguard Group Inc. owned approximately 7.40% of Enovix worth $155,814,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Macquarie Group Ltd. purchased a new stake in Enovix in the 3rd quarter worth about $26,000. Quantbot Technologies LP purchased a new stake in shares of Enovix during the second quarter worth $26,000. Allspring Global Investments Holdings LLC bought a new position in shares of Enovix in the third quarter worth $31,000. Carmel Capital Partners LLC purchased a new position in shares of Enovix in the third quarter valued at $34,000. Finally, Belpointe Asset Management LLC raised its stake in shares of Enovix by 80.0% during the 1st quarter. Belpointe Asset Management LLC now owns 3,600 shares of the company’s stock valued at $54,000 after purchasing an additional 1,600 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Price Performance

Shares of Enovix stock opened at $7.91 on Tuesday. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The company’s fifty day simple moving average is $9.53 and its two-hundred day simple moving average is $10.75. The firm has a market cap of $1.33 billion, a PE ratio of -5.17 and a beta of 1.62. Enovix Co. has a 12-month low of $7.05 and a 12-month high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $7.38 million during the quarter, compared to analysts’ expectations of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. As a group, equities analysts expect that Enovix Co. will post -1.13 EPS for the current year.

Analyst Ratings Changes

ENVX has been the subject of a number of recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 target price on shares of Enovix in a report on Wednesday, February 21st. William Blair started coverage on shares of Enovix in a report on Monday, December 18th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Enovix presently has a consensus rating of “Moderate Buy” and an average price target of $28.29.

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.