Enovix Corporation $ENVX Shares Sold by Tudor Investment Corp ET AL

Key Points

• Tudor Investment Corp reduced its stake in Enovix by 42.6% in Q3, selling 254,192 shares and leaving 342,952 shares worth $3.42 million.
• Several other large institutions increased positions—Vanguard now owns about 16.0M shares ($159.7M), Electron Capital added 972,103 shares to reach ~8.04M, and Millennium Management boosted its stake by 1,038.9% (adding 1.347M shares)—with institutional ownership at roughly 50.92%.
• Analysts have cut price targets and the stock carries a consensus rating of "Hold" with a consensus price target of $13.46, while Enovix trades near $6.09 (market cap ~$1.32B) and has a 52-week range of $4.61–$16.49.

Tudor Investment Corp ET AL decreased its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 42.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 342,952 shares of the company's stock after selling 254,192 shares during the quarter. Tudor Investment Corp ET AL owned 0.16% of Enovix worth $3,419,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Enovix by 1.1% in the third quarter. Vanguard Group Inc. now owns 16,013,563 shares of the company's stock worth $159,655,000 after buying an additional 175,599 shares during the last quarter. Electron Capital Partners LLC grew its position in Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company's stock worth $80,143,000 after buying an additional 972,103 shares during the last quarter. Granahan Investment Management LLC grew its position in Enovix by 17.5% in the third quarter. Granahan Investment Management LLC now owns 1,749,649 shares of the company's stock worth $17,444,000 after buying an additional 260,085 shares during the last quarter. Millennium Management LLC grew its position in Enovix by 1,038.9% in the third quarter. Millennium Management LLC now owns 1,476,879 shares of the company's stock worth $14,724,000 after buying an additional 1,347,200 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in Enovix by 9.4% in the third quarter. Fred Alger Management LLC now owns 1,442,986 shares of the company's stock worth $14,387,000 after buying an additional 123,814 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Canaccord Genuity Group decreased their price target on shares of Enovix from $21.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company set a $6.00 price target on shares of Enovix in a research report on Thursday, March 12th. TD Cowen decreased their price objective on shares of Enovix from $15.00 to $7.50 and set a "hold" rating for the company in a research note on Thursday, February 26th. B. Riley Financial decreased their price objective on shares of Enovix from $17.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, March 2nd. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Enovix in a research note on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $13.46.

Enovix Trading Up 9.1%

Enovix stock opened at $6.09 on Friday. The company has a 50 day moving average price of $5.53 and a 200 day moving average price of $7.94. Enovix Corporation has a 52 week low of $4.61 and a 52 week high of $16.49. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -7.91 and a beta of 2.16.

Enovix Company 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.

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