Entropy Technologies LP Makes New Investment in Enovix Corporation $ENVX

Entropy Technologies LP purchased a new stake in shares of Enovix Corporation (NASDAQ:ENVX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 40,514 shares of the company’s stock, valued at approximately $419,000.

A number of other institutional investors have also modified their holdings of ENVX. Electron Capital Partners LLC raised its stake in shares of Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock worth $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. Geode Capital Management LLC grew its holdings in Enovix by 1.4% in the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company’s stock worth $41,122,000 after purchasing an additional 55,506 shares during the last quarter. Driehaus Capital Management LLC increased its position in shares of Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock worth $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock valued at $16,393,000 after purchasing an additional 394,532 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in shares of Enovix during the 2nd quarter valued at $13,206,000. 50.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Cantor Fitzgerald reduced their target price on Enovix from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Oppenheimer set a $24.00 price target on Enovix in a research note on Thursday, November 6th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, November 12th. Wall Street Zen cut shares of Enovix from a “hold” rating to a “sell” rating in a research note on Saturday, September 6th. Finally, Canaccord Genuity Group cut their price target on shares of Enovix from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Enovix has an average rating of “Hold” and a consensus target price of $17.50.

Insider Activity

In related news, COO Ajay Marathe sold 120,000 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the completion of the transaction, the chief operating officer directly owned 1,027,259 shares in the company, valued at $12,337,380.59. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.10% of the stock is currently owned by company insiders.

Enovix Trading Down 0.1%

Enovix stock opened at $7.57 on Wednesday. The stock has a 50-day moving average price of $10.53 and a 200 day moving average price of $10.37. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -9.35 and a beta of 2.09. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $16.49. The company has a quick ratio of 9.47, a current ratio of 9.72 and a debt-to-equity ratio of 1.74.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%.The business had revenue of $7.47 million for the quarter. Sell-side analysts anticipate that Enovix Corporation will post -1.01 EPS for the current year.

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.