Enovix Co. (NASDAQ:ENVX) Shares Acquired by Meridian Wealth Management LLC

Meridian Wealth Management LLC grew its stake in Enovix Co. (NASDAQ:ENVX) by 12.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 127,845 shares of the company’s stock after buying an additional 13,685 shares during the quarter. Meridian Wealth Management LLC owned 0.07% of Enovix worth $1,390,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ENVX. Fred Alger Management LLC lifted its holdings in shares of Enovix by 2,468.6% in the 3rd quarter. Fred Alger Management LLC now owns 588,614 shares of the company’s stock valued at $5,498,000 after buying an additional 565,698 shares during the period. Sora Investors LLC increased its stake in shares of Enovix by 75.0% in the 3rd quarter. Sora Investors LLC now owns 525,000 shares of the company’s stock valued at $4,904,000 after purchasing an additional 225,000 shares in the last quarter. Barclays PLC increased its stake in shares of Enovix by 376.9% in the 3rd quarter. Barclays PLC now owns 252,012 shares of the company’s stock valued at $2,353,000 after purchasing an additional 199,166 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock valued at $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Enovix in the 4th quarter valued at about $1,380,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Craig Hallum cut their price target on Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, February 20th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Insider Activity at Enovix

In related news, CEO Rajendra K. Talluri sold 300,000 shares of the 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 of the company’s stock, valued at $19,123,564.35. This represents a 12.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 15.70% of the stock is currently owned by corporate insiders.

Enovix Stock Down 8.5 %

NASDAQ:ENVX opened at $8.16 on Tuesday. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The stock’s fifty day moving average is $11.19 and its two-hundred day moving average is $10.23. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -5.63 and a beta of 1.87.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, February 19th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. The business had revenue of $9.72 million for the quarter, compared to analyst estimates of $8.77 million. Enovix had a negative return on equity of 96.99% and a negative net margin of 963.17%. Research analysts anticipate that Enovix Co. will post -1.01 EPS for the current year.

Enovix Profile

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.