Sanctuary Advisors LLC Buys Shares of 120,747 Enovix Co. (NASDAQ:ENVX)

Sanctuary Advisors LLC purchased a new position in Enovix Co. (NASDAQ:ENVX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 120,747 shares of the company's stock, valued at approximately $1,867,000. Sanctuary Advisors LLC owned approximately 0.07% of Enovix as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ENVX. K2 Principal Fund L.P. boosted its position in Enovix by 41.1% in the 4th quarter. K2 Principal Fund L.P. now owns 21,643 shares of the company's stock valued at $271,000 after buying an additional 6,300 shares during the last quarter. Masters Capital Management LLC boosted its position in shares of Enovix by 18.2% during the fourth quarter. Masters Capital Management LLC now owns 1,300,000 shares of the company's stock worth $16,276,000 after purchasing an additional 200,000 shares in the last quarter. Shariaportfolio Inc. grew its stake in Enovix by 26.9% in the fourth quarter. Shariaportfolio Inc. now owns 310,613 shares of the company's stock valued at $3,889,000 after acquiring an additional 65,855 shares during the period. Voisard Asset Management Group Inc. acquired a new stake in Enovix during the 4th quarter worth approximately $50,000. Finally, Clarity Capital Partners LLC bought a new position in Enovix during the 4th quarter worth about $1,643,000. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Price Performance

NASDAQ:ENVX traded up $0.74 during trading hours on Wednesday, hitting $12.55. The stock had a trading volume of 6,167,167 shares, compared to its average volume of 5,473,414. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The company has a 50 day simple moving average of $9.90 and a two-hundred day simple moving average of $10.68. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of -9.37 and a beta of 1.98.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, beating analysts' consensus estimates of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. Research analysts forecast that Enovix Co. will post -1.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on ENVX. Craig Hallum raised their target price on shares of Enovix from $15.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. TD Cowen upped their price objective on Enovix from $11.00 to $14.00 and gave the company a "hold" rating in a report on Thursday, August 1st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a research report on Thursday, August 1st. Piper Sandler reissued an "overweight" rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, Canaccord Genuity Group lifted their target price on Enovix from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Enovix has an average rating of "Buy" and an average target price of $21.33.

Enovix 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.