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

Refined Wealth Management increased its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.8% in the 1st quarter, according to its most recent disclosure 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 makes up 4.1% of Refined Wealth Management's investment portfolio, making the stock its 11th largest 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 also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC increased its position in Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock valued at $61,510,000 after acquiring an additional 29,109 shares during the last quarter. Geode Capital Management LLC increased its position in Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares during the last quarter. Royal Bank of Canada lifted its holdings in Enovix by 1.5% in the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after acquiring an additional 28,591 shares during the period. Finally, Fred Alger Management LLC boosted its position in Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after purchasing an additional 1,250,300 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Stock Down 3.2%

Shares of ENVX stock opened at $8.23 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. Enovix Corporation has a one year low of $5.27 and a one year high of $18.68. The company's fifty day moving average price is $7.41 and its 200-day moving average price is $8.88. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -6.38 and a beta of 2.00.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ENVX. JPMorgan Chase & Co. reduced their price target 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. 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. 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. Finally, B. Riley dropped their price target on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.27.

About Enovix

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.

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