Enovix Corporation $ENVX Shares Sold by Electron Capital Partners LLC

Key Points

• Electron Capital Partners cut its Enovix stake by 23.6% in the first quarter, selling 1.43 million shares and retaining 4.63 million shares worth approximately $24.0 million. Institutional investors and hedge funds collectively own 50.92% of ENVX.
• Enovix reported a quarterly loss of $0.14 per share, slightly better than analyst estimates, while revenue rose 49.1% year over year to $7.6 million. However, the company continues to post steep negative margins and expects another loss in the current fiscal year.
• ENVX opened at $4.23, near its 52-week low of $3.90. Analysts maintain a consensus “Hold” rating with an average price target of $12.50, though several firms recently lowered targets and JPMorgan downgraded the stock to “underweight.”

Electron Capital Partners LLC trimmed its position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 23.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,628,317 shares of the company's stock after selling 1,425,734 shares during the period. Enovix makes up about 0.9% of Electron Capital Partners LLC's holdings, making the stock its 26th largest holding. Electron Capital Partners LLC owned about 2.12% of Enovix worth $23,975,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Private Advisor Group LLC increased its stake in Enovix by 2.7% during the third quarter. Private Advisor Group LLC now owns 46,519 shares of the company's stock worth $464,000 after purchasing an additional 1,242 shares during the period. Parallel Advisors LLC raised its stake in shares of Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company's stock valued at $39,000 after acquiring an additional 1,342 shares in the last quarter. Equitable Holdings Inc. boosted its holdings in Enovix by 10.9% in the third quarter. Equitable Holdings Inc. now owns 13,700 shares of the company's stock valued at $137,000 after purchasing an additional 1,342 shares during the period. Mariner LLC grew its stake in Enovix by 3.4% during the 3rd quarter. Mariner LLC now owns 58,343 shares of the company's stock worth $582,000 after purchasing an additional 1,921 shares in the last quarter. Finally, Federation des caisses Desjardins du Quebec increased its holdings in Enovix by 2.5% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 80,853 shares of the company's stock worth $591,000 after purchasing an additional 1,950 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Performance

ENVX opened at $4.23 on Tuesday. Enovix Corporation has a 1-year low of $3.90 and a 1-year high of $15.40. The stock has a market cap of $922.77 million, a P/E ratio of -5.10 and a beta of 2.26. The stock's 50 day simple moving average is $6.18 and its 200 day simple moving average is $6.20. The company has a debt-to-equity ratio of 2.14, a current ratio of 10.97 and a quick ratio of 10.65.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.01. Enovix had a negative return on equity of 64.28% and a negative net margin of 499.64%.The firm had revenue of $7.60 million during the quarter, compared to analysts' expectations of $6.95 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. Enovix's revenue was up 49.1% on a year-over-year basis. Enovix has set its Q2 2026 guidance at -0.170--0.130 EPS. As a group, equities analysts anticipate that Enovix Corporation will post -0.79 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ENVX. Craig Hallum lowered their price objective on Enovix from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Enovix in a research note on Wednesday, July 8th. Oppenheimer cut their price target on Enovix from $24.00 to $21.00 and set an "outperform" rating on the stock in a research note on Thursday, May 14th. Finally, JPMorgan Chase & Co. downgraded Enovix from a "neutral" rating to an "underweight" rating in a report on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $12.50.

Enovix Profile

Enovix Corporation NASDAQ: ENVX develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.

Want to see what other hedge funds are holding ENVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enovix Corporation (NASDAQ:ENVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.