Refined Wealth Management Purchases 106,843 Shares of Enovix Corporation (NASDAQ:ENVX)

Refined Wealth Management grew its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 675,449 shares of the company's stock after purchasing an additional 106,843 shares during the period. Enovix comprises about 4.1% of Refined Wealth Management's holdings, making the stock its 11th biggest holding. Refined Wealth Management owned 0.35% of Enovix worth $4,958,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after buying an additional 2,063,631 shares during the period. Electron Capital Partners LLC lifted its holdings in Enovix by 0.5% during 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Enovix by 1.5% during the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock worth $21,012,000 after purchasing an additional 28,591 shares during the last quarter. Finally, Fred Alger Management LLC increased its position 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 acquiring an additional 1,250,300 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Analyst Upgrades and Downgrades

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

Enovix Stock Performance

Shares of NASDAQ:ENVX traded up $0.12 during midday trading on Wednesday, reaching $8.72. The company had a trading volume of 4,459,049 shares, compared to its average volume of 5,775,008. Enovix Corporation has a 52-week low of $5.27 and a 52-week high of $18.68. The company's 50 day moving average price is $7.56 and its 200 day moving average price is $8.87. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The stock has a market cap of $1.67 billion, a P/E ratio of -6.76 and a beta of 2.00.

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.