Fred Alger Management LLC Raises Holdings in Enovix Co. (NASDAQ:ENVX)

Fred Alger Management LLC increased its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 212.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,838,914 shares of the company’s stock after acquiring an additional 1,250,300 shares during the period. Fred Alger Management LLC’s holdings in Enovix were worth $19,989,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC bought a new position in Enovix during the 4th quarter worth about $27,000. Fifth Third Bancorp lifted its stake in shares of Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company’s stock valued at $27,000 after purchasing an additional 1,000 shares during the period. Sava Infond d.o.o. acquired a new position in shares of Enovix during the 4th quarter worth approximately $43,000. Hollencrest Capital Management increased its stake in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in Enovix in the 4th quarter valued at about $64,000. 50.92% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at approximately $19,123,564.35. This trade represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.70% of the stock is currently owned by insiders.

Enovix Stock Up 4.9 %

ENVX opened at $6.48 on Friday. The company has a market capitalization of $1.24 billion, a P/E ratio of -4.47 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The firm’s fifty day moving average price is $7.02 and its two-hundred day moving average price is $9.20. Enovix Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. The company had revenue of $9.72 million for the quarter, compared to the consensus estimate of $8.77 million. On average, analysts anticipate that Enovix Co. will post -1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. Benchmark reduced their target price on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Craig Hallum lowered their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. TD Securities cut their target price on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Enovix presently has an average rating of “Moderate Buy” and an average price target of $17.27.

About Enovix

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.