Chesapeake Capital Corp IL Purchases Shares of 10,531 Enovix Co. (NASDAQ:ENVX)

Chesapeake Capital Corp IL purchased a new stake in Enovix Co. (NASDAQ:ENVX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,531 shares of the company’s stock, valued at approximately $163,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares in the last quarter. Electron Capital Partners LLC lifted its stake in shares of Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after buying an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after buying an additional 1,376,253 shares during the period. Masters Capital Management LLC lifted its stake in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after buying an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Enovix by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock valued at $13,646,000 after buying an additional 55,157 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

ENVX has been the topic of several recent analyst reports. B. Riley raised shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Benchmark initiated coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 price target (down previously from $23.00) on shares of Enovix in a research report on Monday, August 5th. Finally, Craig Hallum upped their price target on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Enovix presently has a consensus rating of “Buy” and a consensus price target of $21.33.

Insider Transactions at Enovix

In related news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 17.30% of the company’s stock.

Enovix Price Performance

Enovix stock opened at $8.27 on Wednesday. Enovix Co. has a 52-week low of $5.70 and a 52-week high of $18.68. The firm has a fifty day moving average of $12.56 and a 200-day moving average of $10.56. The firm has a market capitalization of $1.41 billion, a P/E ratio of -6.17 and a beta of 1.99. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million during the quarter, compared to analyst estimates of $3.85 million. As a group, analysts predict that Enovix Co. will post -1.21 EPS for the current year.

Enovix Company 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.