Channel Wealth LLC Has $1.38 Million Position in Enovix Co. (NASDAQ:ENVX)

Channel Wealth LLC grew its stake in shares of Enovix Co. (NASDAQ:ENVX - Free Report) by 19.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,612 shares of the company's stock after buying an additional 31,177 shares during the quarter. Channel Wealth LLC owned about 0.10% of Enovix worth $1,377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Harbor Investment Advisory LLC lifted its holdings in shares of Enovix by 6.7% in the first quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock valued at $227,000 after buying an additional 1,949 shares during the period. Strong Tower Advisory Services raised its position in Enovix by 93.1% in the first quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock worth $1,057,000 after acquiring an additional 69,435 shares in the last quarter. Rhumbline Advisers lifted its holdings in Enovix by 7.1% in the 1st quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock valued at $1,723,000 after acquiring an additional 15,615 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after acquiring an additional 3,849 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Enovix by 1,811.2% during the 1st quarter. GAMMA Investing LLC now owns 15,634 shares of the company's stock valued at $115,000 after purchasing an additional 14,816 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on ENVX. Benchmark dropped their target price on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. TD Securities decreased their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $30.00 price target on shares of Enovix in a report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Finally, B. Riley decreased their target price on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Enovix currently has an average rating of "Moderate Buy" and an average price target of $17.27.

Enovix Stock Down 5.0%

NASDAQ:ENVX traded down $0.42 during trading hours on Thursday, hitting $8.03. 4,471,944 shares of the stock traded hands, compared to its average volume of 5,961,490. The firm has a 50 day moving average price of $6.92 and a 200 day moving average price of $8.96. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -5.54 and a beta of 2.00. Enovix Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix 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.