Electron Capital Partners LLC Reduces Holdings in Enovix Co. (NASDAQ:ENVX)

Electron Capital Partners LLC reduced its stake in Enovix Co. (NASDAQ:ENVX - Free Report) by 99.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,276 shares of the company's stock after selling 5,613,325 shares during the quarter. Electron Capital Partners LLC's holdings in Enovix were worth $82,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ENVX. Arizona State Retirement System raised its position in shares of Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company's stock valued at $620,000 after buying an additional 905 shares during the period. Corient Private Wealth LLC raised its position in Enovix by 1.9% in the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company's stock valued at $621,000 after purchasing an additional 910 shares during the period. Blue Trust Inc. lifted its stake in shares of Enovix by 102.1% in 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 during the last quarter. Voisard Asset Management Group Inc. grew its holdings in shares of Enovix by 25.0% during the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company's stock worth $77,000 after purchasing an additional 1,000 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Enovix by 7.7% during the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company's stock worth $310,000 after purchasing an additional 1,434 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Up 2.9 %

NASDAQ ENVX traded up $0.26 during trading hours on Thursday, hitting $9.33. 3,826,462 shares of the company were exchanged, compared to its average volume of 5,430,338. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -6.78 and a beta of 1.99. The company has a 50 day moving average of $10.78 and a two-hundred day moving average of $10.51. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68.

Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping 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 firm had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Equities research analysts anticipate that Enovix Co. will post -1.21 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on ENVX. Piper Sandler reaffirmed an "overweight" rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. B. Riley raised shares of Enovix to a "strong-buy" rating in a research report on Tuesday, June 25th. TD Cowen boosted their target price on Enovix from $11.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 price target on shares of Enovix in a research note on Thursday, August 1st. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Enovix in a research note on Monday, August 26th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Enovix has an average rating of "Buy" and an average target price of $21.33.

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.