Geode Capital Management LLC Increases Stock Position in Enovix Co. (NASDAQ:ENVX)

Geode Capital Management LLC grew its position in Enovix Co. (NASDAQ:ENVX - Free Report) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,818,827 shares of the company's stock after buying an additional 235,142 shares during the quarter. Geode Capital Management LLC owned 2.15% of Enovix worth $41,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of ENVX. Vanguard Group Inc. lifted its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Enovix by 9.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company's stock worth $14,656,000 after buying an additional 119,288 shares in the last quarter. Refined Wealth Management grew its stake in shares of Enovix by 6.7% in the fourth quarter. Refined Wealth Management now owns 568,606 shares of the company's stock worth $6,181,000 after acquiring an additional 35,652 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Enovix by 6.1% during the fourth quarter. Bank of New York Mellon Corp now owns 501,539 shares of the company's stock worth $5,452,000 after acquiring an additional 28,905 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Enovix in the fourth quarter valued at $3,484,000. Institutional investors and hedge funds own 50.92% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Craig Hallum reduced their price target on Enovix from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, February 20th. Finally, Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Two equities 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 company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.30.

Enovix Stock Performance

Shares of NASDAQ ENVX traded up $0.33 during trading hours on Friday, reaching $6.16. The stock had a trading volume of 4,624,218 shares, compared to its average volume of 6,206,601. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -4.25 and a beta of 1.98. Enovix Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The firm has a 50-day moving average of $8.11 and a 200-day moving average of $9.70. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to analysts' expectations of $8.77 million. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. Equities research analysts predict that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Activity

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at $19,123,564.35. The trade was a 12.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 15.70% of the company's stock.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode 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.