Fred Alger Management LLC Acquires 123,814 Shares of Enovix Corporation $ENVX

Fred Alger Management LLC lifted its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 9.4% during the third quarter, HoldingsChannel reports. The firm owned 1,442,986 shares of the company’s stock after acquiring an additional 123,814 shares during the quarter. Fred Alger Management LLC’s holdings in Enovix were worth $14,387,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of Enovix by 7.6% in the 3rd quarter. Principal Financial Group Inc. now owns 12,613 shares of the company’s stock valued at $126,000 after purchasing an additional 895 shares during the period. Franklin Resources Inc. lifted its stake in Enovix by 1.1% in the second quarter. Franklin Resources Inc. now owns 96,239 shares of the company’s stock valued at $995,000 after buying an additional 1,093 shares in the last quarter. Private Advisor Group LLC lifted its stake in Enovix by 2.7% in the third quarter. Private Advisor Group LLC now owns 46,519 shares of the company’s stock valued at $464,000 after buying an additional 1,242 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after buying an additional 1,342 shares during the period. Finally, Equitable Holdings Inc. boosted its holdings in shares of Enovix by 10.9% in the third quarter. Equitable Holdings Inc. now owns 13,700 shares of the company’s stock valued at $137,000 after buying an additional 1,342 shares during the period. Institutional investors own 50.92% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on ENVX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. Canaccord Genuity Group lowered their target price on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Craig Hallum dropped their price target on Enovix from $16.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Northland Securities set a $16.00 price target on Enovix in a report on Monday, November 17th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.46.

Enovix Price Performance

NASDAQ:ENVX opened at $5.07 on Tuesday. Enovix Corporation has a 12-month low of $4.61 and a 12-month high of $16.49. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.58 and a beta of 2.15. The stock’s 50 day moving average price is $6.47 and its two-hundred day moving average price is $8.46. The company has a quick ratio of 8.13, a current ratio of 8.34 and a debt-to-equity ratio of 1.90.

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.