Tudor Investment Corp ET AL Trims Holdings in Enovix Corporation $ENVX

Key Points

• Tudor Investment Corp ET AL cut its stake in Enovix by 42.6% in Q3, selling 254,192 shares and holding 342,952 shares (about 0.16% of the company) valued at $3.42 million.
• Enovix shares were down about 5.0%, opening at $5.12 with a 1-year range of $4.61–$16.49 and a market cap near $1.11 billion, while the company reports a negative PE and elevated leverage (debt-to-equity 1.90).
• Several analysts have cut price targets in late February/early March, leaving a MarketBeat consensus rating of "Hold" with a consensus target price of $13.46 (6 Buys, 4 Holds, 1 Sell).

Tudor Investment Corp ET AL cut its position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 42.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 342,952 shares of the company's stock after selling 254,192 shares during the quarter. Tudor Investment Corp ET AL owned approximately 0.16% of Enovix worth $3,419,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Enovix by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,318 shares of the company's stock valued at $722,000 after buying an additional 4,780 shares during the period. NewEdge Advisors LLC raised its holdings in Enovix by 10.4% in the 1st quarter. NewEdge Advisors LLC now owns 26,257 shares of the company's stock valued at $193,000 after acquiring an additional 2,481 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Enovix by 65.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares during the period. Caxton Associates LLP acquired a new stake in shares of Enovix during the first quarter worth $190,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Enovix by 18.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company's stock worth $2,628,000 after purchasing an additional 55,676 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Stock Down 5.0%

ENVX opened at $5.12 on Friday. Enovix Corporation has a 1 year low of $4.61 and a 1 year high of $16.49. The firm has a 50 day moving average price of $5.99 and a 200 day moving average price of $8.24. 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 company has a market cap of $1.11 billion, a PE ratio of -6.65 and a beta of 2.15.

Analyst Ratings Changes

ENVX has been the topic of several recent analyst reports. Canaccord Genuity Group reduced their target price on Enovix from $21.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. TD Cowen decreased their target price on shares of Enovix from $15.00 to $7.50 and set a "hold" rating on the stock in a research report on Thursday, February 26th. Oppenheimer restated an "outperform" rating on shares of Enovix in a report on Thursday, February 26th. Craig Hallum dropped their price target on shares of Enovix from $16.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Finally, B. Riley Financial cut their price target on shares of Enovix from $17.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. 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 company has a consensus rating of "Hold" and a consensus target price of $13.46.

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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