Fluent Financial LLC Buys New Stake in Enovix Co. (NASDAQ:ENVX)

Fluent Financial LLC acquired a new position in Enovix Co. (NASDAQ:ENVX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 67,821 shares of the company's stock, valued at approximately $737,000.

A number of other hedge funds also recently added to or reduced their stakes in ENVX. Fifth Third Bancorp raised its holdings in Enovix by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 2,500 shares of the company's stock worth $27,000 after acquiring an additional 1,000 shares during the last quarter. Coppell Advisory Solutions LLC purchased a new position in Enovix in the 4th quarter worth approximately $27,000. Sava Infond d.o.o. purchased a new position in Enovix in the 4th quarter worth approximately $43,000. Hollencrest Capital Management raised its holdings in Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, R Squared Ltd purchased a new position in Enovix in the 4th quarter worth approximately $64,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Price Performance

ENVX stock traded up $0.27 during mid-day trading on Wednesday, hitting $8.30. The company had a trading volume of 3,342,544 shares, compared to its average volume of 5,973,577. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -5.72 and a beta of 1.99. Enovix Co. has a 12-month low of $5.27 and a 12-month 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 company has a 50-day moving average price of $6.95 and a 200 day moving average price of $9.00.

Insiders Place Their Bets

In other Enovix news, CEO Rajendra K. Talluri sold 300,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $9.35, for a total value of $2,805,000.00. Following the completion of the sale, the chief executive officer now owns 2,045,301 shares of the company's stock, valued at $19,123,564.35. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 15.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Benchmark cut their target price on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Craig Hallum dropped their target price on shares of Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a report on Thursday, February 20th. B. Riley dropped their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, TD Securities dropped their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.27.

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.