Sonora Investment Management Group LLC Raises Stake in Enovix Co. (NASDAQ:ENVX)

Sonora Investment Management Group LLC grew its position in Enovix Co. (NASDAQ:ENVX - Free Report) by 17.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 324,449 shares of the company's stock after buying an additional 48,548 shares during the period. Sonora Investment Management Group LLC owned 0.17% of Enovix worth $2,381,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its holdings in shares of Enovix by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after purchasing an additional 1,257 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Enovix by 6.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after buying an additional 1,336 shares during the period. Nwam LLC boosted its position in Enovix by 14.0% in the 4th quarter. Nwam LLC now owns 11,907 shares of the company's stock valued at $129,000 after buying an additional 1,458 shares during the period. Xponance Inc. grew its stake in shares of Enovix by 17.3% in the fourth quarter. Xponance Inc. now owns 11,810 shares of the company's stock worth $128,000 after acquiring an additional 1,738 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Enovix by 4.5% during the fourth quarter. Arizona State Retirement System now owns 43,464 shares of the company's stock worth $472,000 after acquiring an additional 1,856 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Craig Hallum lowered their price objective on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. Cantor Fitzgerald restated an "overweight" rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. TD Securities decreased their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Benchmark lowered their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Enovix has a consensus rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Stock Performance

Shares of NASDAQ ENVX traded down $0.43 during trading hours on Friday, reaching $8.22. The stock had a trading volume of 4,012,937 shares, compared to its average volume of 5,905,042. The firm has a 50-day moving average of $7.17 and a 200-day moving average of $8.93. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -5.67 and a beta of 2.00. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. Enovix Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68.

Enovix 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.