CenterBook Partners LP Acquires 721,309 Shares of Enovix Corporation (NASDAQ:ENVX)

CenterBook Partners LP lifted its holdings in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 71.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,736,570 shares of the company's stock after acquiring an additional 721,309 shares during the quarter. Enovix makes up about 0.8% of CenterBook Partners LP's portfolio, making the stock its 22nd biggest holding. CenterBook Partners LP owned 0.91% of Enovix worth $12,746,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ENVX. Vanguard Group Inc. boosted its stake in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the period. Electron Capital Partners LLC boosted its stake in Enovix by 0.5% in the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock valued at $61,510,000 after purchasing an additional 29,109 shares during the period. Geode Capital Management LLC boosted its stake in Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after purchasing an additional 235,142 shares during the period. Royal Bank of Canada boosted its stake in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after purchasing an additional 28,591 shares during the period. Finally, Fred Alger Management LLC boosted its stake in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Enovix Price Performance

Enovix stock opened at $14.07 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $18.68. The stock has a market capitalization of $2.70 billion, a P/E ratio of -10.91 and a beta of 2.09. The stock has a fifty day moving average of $8.87 and a 200-day moving average of $9.07.

Enovix declared that its board has approved a stock repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

ENVX has been the subject of several recent research reports. B. Riley restated a "buy" rating and issued a $17.00 price target (up from $12.00) on shares of Enovix in a research note on Thursday. Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a research report on Saturday. Cowen reiterated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Craig Hallum reiterated a "buy" rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Finally, TD Cowen upgraded Enovix to a "hold" rating and upped their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.55.

Enovix Company Profile

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.

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