Udine Wealth Management Inc. Invests $1.69 Million in Enovix Co. (NASDAQ:ENVX)

Udine Wealth Management Inc. purchased a new stake in shares of Enovix Co. (NASDAQ:ENVX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 134,713 shares of the company's stock, valued at approximately $1,687,000. Enovix accounts for approximately 1.3% of Udine Wealth Management Inc.'s portfolio, making the stock its 15th largest holding. Udine Wealth Management Inc. owned approximately 0.08% of Enovix as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Macquarie Group Ltd. acquired a new position in shares of Enovix during the third quarter valued at about $26,000. Beacon Capital Management LLC raised its position in shares of Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company's stock valued at $31,000 after buying an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Enovix during the third quarter valued at about $31,000. Carmel Capital Partners LLC acquired a new position in shares of Enovix during the third quarter valued at about $34,000. Finally, Quantbot Technologies LP acquired a new position in shares of Enovix during the second quarter valued at about $26,000. 49.68% of the stock is currently owned by institutional investors.

Enovix Price Performance

Enovix stock traded down $0.46 during trading hours on Friday, hitting $8.22. 3,239,526 shares of the stock were exchanged, compared to its average volume of 5,042,932. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The stock has a market capitalization of $1.39 billion, a P/E ratio of -5.37 and a beta of 1.67. Enovix Co. has a 12 month low of $7.05 and a 12 month high of $23.90. The business's 50-day moving average is $9.79 and its two-hundred day moving average is $11.04.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. Equities research analysts expect that Enovix Co. will post -1.13 EPS for the current fiscal year.

Analysts Set New Price Targets

ENVX has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. William Blair began coverage on shares of Enovix in a research report on Monday, December 18th. They issued an "outperform" rating for the company. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Enovix presently has an average rating of "Moderate Buy" and an average target price of $27.00.

About Enovix

Enovix Corporation designs, develops, and manufactures 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.