PBMares Wealth Management LLC Reduces Holdings in Enovix Corporation (NASDAQ:ENVX)

PBMares Wealth Management LLC reduced its stake in Enovix Corporation (NASDAQ:ENVX) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,500 shares of the company’s stock after selling 2,500 shares during the period. PBMares Wealth Management LLC’s holdings in Enovix were worth $569,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after acquiring an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC boosted its stake in shares of Enovix by 0.5% during the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after purchasing an additional 29,109 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after purchasing an additional 235,142 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Enovix by 1.5% during the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after buying an additional 28,591 shares in the last quarter. Finally, Fred Alger Management LLC boosted its stake in Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after acquiring an additional 1,250,300 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Price Performance

NASDAQ:ENVX opened at $8.11 on Tuesday. The stock has a market cap of $1.56 billion, a PE ratio of -6.29 and a beta of 2.00. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $18.68. The business’s 50-day simple moving average is $7.45 and its two-hundred day simple moving average is $8.87.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ENVX shares. B. Riley dropped their price target on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. JPMorgan Chase & Co. lowered their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Benchmark lowered their target price on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, TD Securities lowered their target price on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.27.

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.