Wealth Effects LLC Purchases Shares of 248,021 Enovix Corporation $ENVX

Key Points

• Wealth Effects LLC acquired 248,021 Enovix shares during the second quarter, valued at approximately $1.5 million and representing a 0.11% stake. Institutional investors collectively own 50.92% of ENVX.
• Enovix reported quarterly revenue of $9.02 million, up 20.8% year over year, and an adjusted loss of $0.13 per share that beat analyst estimates. However, the company remains deeply unprofitable, with a negative net margin of 473.89%.
• ENVX shares opened at $4.39, near the lower end of their 52-week range, while analysts’ consensus rating is “Hold” with an average price target of $11.86. Recent analysts have lowered price targets, though several still maintain Buy or Outperform ratings.

Wealth Effects LLC acquired a new stake in Enovix Corporation (NASDAQ:ENVX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 248,021 shares of the company's stock, valued at approximately $1,505,000. Wealth Effects LLC owned 0.11% of Enovix as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ENVX. Vanguard Group Inc. increased its holdings in Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company's stock valued at $129,831,000 after buying an additional 1,747,145 shares in the last quarter. Electron Capital Partners LLC boosted its stake in shares of Enovix by 13.8% during the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company's stock worth $80,143,000 after acquiring an additional 972,103 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Enovix by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company's stock worth $32,268,000 after acquiring an additional 253,906 shares in the last quarter. State Street Corp grew its position in shares of Enovix by 2.0% during the 4th quarter. State Street Corp now owns 3,959,029 shares of the company's stock valued at $28,941,000 after acquiring an additional 77,079 shares during the period. Finally, Royal Bank of Canada grew its position in shares of Enovix by 18.0% during the 4th quarter. Royal Bank of Canada now owns 2,525,268 shares of the company's stock valued at $18,461,000 after acquiring an additional 385,983 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Price Performance

ENVX opened at $4.39 on Monday. Enovix Corporation has a twelve month low of $3.67 and a twelve month high of $14.21. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. The company has a 50-day moving average price of $5.33 and a 200 day moving average price of $5.86. The company has a market cap of $957.68 million, a PE ratio of -5.42 and a beta of 2.32.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The firm had revenue of $9.02 million for the quarter, compared to analyst estimates of $8.43 million. During the same period last year, the company posted ($0.13) EPS. Enovix's quarterly revenue was up 20.8% compared to the same quarter last year. Enovix has set its Q3 2026 guidance at -0.170--0.130 EPS. Sell-side analysts expect that Enovix Corporation will post -0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ENVX shares. Canaccord Genuity Group reduced their price target on Enovix from $15.00 to $10.00 and set a "buy" rating for the company in a report on Friday. Wall Street Zen raised Enovix from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. B. Riley Financial cut their price objective on Enovix from $10.00 to $9.00 and set a "buy" rating for the company in a research report on Thursday. Oppenheimer reduced their target price on Enovix from $24.00 to $21.00 and set an "outperform" rating for the company in a research note on Thursday, May 14th. Finally, JPMorgan Chase & Co. lowered Enovix from a "neutral" rating to an "underweight" rating in a research report on Wednesday, May 6th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $11.86.

About Enovix

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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