Enovix Co. (NASDAQ:ENVX) Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC boosted its position in Enovix Co. (NASDAQ:ENVX - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,358,992 shares of the company's stock after buying an additional 124,293 shares during the period. Granahan Investment Management LLC owned approximately 0.76% of Enovix worth $14,772,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of ENVX. Frontier Capital Management Co. LLC purchased a new position in shares of Enovix in the fourth quarter worth about $3,397,000. Fred Alger Management LLC increased its holdings in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after buying an additional 1,250,300 shares during the last quarter. Deutsche Bank AG lifted its holdings in Enovix by 44.8% in the fourth quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock valued at $1,528,000 after acquiring an additional 43,498 shares during the last quarter. Cornerstone Select Advisors LLC purchased a new stake in Enovix in the fourth quarter valued at $283,000. Finally, Corton Capital Inc. purchased a new position in shares of Enovix during the 4th quarter worth $181,000. Institutional investors and hedge funds own 50.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. TD Securities dropped their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. B. Riley lowered their price target on Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Craig Hallum dropped their target price on Enovix from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. Finally, 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. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Price Performance

ENVX traded down $0.17 on Thursday, hitting $7.83. 1,985,484 shares of the company were exchanged, compared to its average volume of 6,077,208. The business's fifty day moving average is $6.94 and its 200 day moving average is $9.11. Enovix Co. has a fifty-two week low of $5.27 and a fifty-two week high of $18.68. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.61 and a current ratio of 3.77. The firm has a market capitalization of $1.50 billion, a P/E ratio of -5.40 and a beta of 1.99.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01. The firm had revenue of $9.72 million during the quarter, compared to analysts' expectations of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. As a group, sell-side analysts anticipate that Enovix Co. will post -1.01 EPS for the current year.

Insider Buying and Selling at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of Enovix stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $9.35, for a total value of $2,805,000.00. Following the transaction, the chief executive officer now owns 2,045,301 shares in the company, valued at approximately $19,123,564.35. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.70% of the company's stock.

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.