Old West Investment Management LLC Boosts Holdings in Enovix Co. (NASDAQ:ENVX)

Old West Investment Management LLC raised its holdings in shares of Enovix Co. (NASDAQ:ENVX) by 12.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 937,838 shares of the company’s stock after buying an additional 102,452 shares during the period. Enovix comprises 3.2% of Old West Investment Management LLC’s portfolio, making the stock its 11th largest holding. Old West Investment Management LLC’s holdings in Enovix were worth $8,759,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. One Wealth Advisors LLC purchased a new position in shares of Enovix during the 3rd quarter valued at about $700,000. Vanguard Group Inc. boosted its position in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after purchasing an additional 1,512,424 shares in the last quarter. Scientech Research LLC bought a new stake in shares of Enovix during the 2nd quarter valued at $834,000. Finally, Wealth Effects LLC lifted its stake in shares of Enovix by 55.6% during the 2nd quarter. Wealth Effects LLC now owns 229,001 shares of the company’s stock valued at $3,540,000 after buying an additional 81,801 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ENVX shares. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. 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 note on Thursday, August 1st. Craig Hallum boosted their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday, October 31st. Finally, TD Cowen boosted their target price on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity

In other news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Enovix Stock Performance

Enovix stock opened at $9.24 on Wednesday. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The firm’s fifty day moving average is $9.99 and its 200 day moving average is $11.15.

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