Channel Wealth LLC Acquires 17,825 Shares of Enovix Co. (NASDAQ:ENVX)

Channel Wealth LLC lifted its holdings in Enovix Co. (NASDAQ:ENVX) by 12.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 156,435 shares of the company’s stock after purchasing an additional 17,825 shares during the period. Channel Wealth LLC owned about 0.09% of Enovix worth $1,700,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ENVX. Driehaus Capital Management LLC grew its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after buying an additional 1,512,424 shares during the period. Geode Capital Management LLC increased its stake in shares of Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock worth $11,479,000 after purchasing an additional 73,320 shares in the last quarter. Stifel Financial Corp increased its position in shares of Enovix by 6.2% in the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after buying an additional 55,094 shares in the last quarter. Finally, Old West Investment Management LLC lifted its position in shares of Enovix by 12.3% during the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after buying an additional 102,452 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ENVX has been the subject of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Janney Montgomery Scott lowered Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Thursday, October 31st. Finally, Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity at Enovix

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the sale, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.70% of the stock is currently owned by company insiders.

Enovix Trading Up 1.6 %

ENVX opened at $10.95 on Friday. The stock has a market capitalization of $1.95 billion, a PE ratio of -6.80 and a beta of 1.86. Enovix Co. has a one year low of $5.70 and a one year high of $18.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The business’s 50 day moving average price is $10.02 and its 200 day moving average price is $11.02.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same quarter in the prior year, the company posted ($0.27) EPS. As a group, equities research analysts expect that Enovix Co. will post -1.17 EPS for the current year.

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.