White Pine Capital LLC Raises Stock Position in Enovix Co. (NASDAQ:ENVX)

White Pine Capital LLC grew its holdings in Enovix Co. (NASDAQ:ENVX) by 31.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 85,761 shares of the company’s stock after purchasing an additional 20,415 shares during the quarter. White Pine Capital LLC’s holdings in Enovix were worth $1,074,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Cutter & CO Brokerage Inc. raised its stake in shares of Enovix by 35.4% in the 4th quarter. Cutter & CO Brokerage Inc. now owns 24,688 shares of the company’s stock valued at $309,000 after acquiring an additional 6,450 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Enovix by 17.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,805 shares of the company’s stock valued at $348,000 after acquiring an additional 4,137 shares during the period. Flputnam Investment Management Co. raised its stake in shares of Enovix by 61.2% in the 4th quarter. Flputnam Investment Management Co. now owns 23,976 shares of the company’s stock valued at $300,000 after acquiring an additional 9,099 shares during the period. AlphaQ Advisors LLC raised its stake in shares of Enovix by 54.5% in the 4th quarter. AlphaQ Advisors LLC now owns 17,400 shares of the company’s stock valued at $218,000 after acquiring an additional 6,135 shares during the period. Finally, Wealth Effects LLC raised its stake in shares of Enovix by 3.9% in the 4th quarter. Wealth Effects LLC now owns 101,750 shares of the company’s stock valued at $1,274,000 after acquiring an additional 3,799 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

ENVX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $17.00 price target on shares of Enovix in a report on Wednesday, February 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 price target on shares of Enovix in a report on Thursday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.43.

Insider Activity

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now directly owns 978,913 shares in the company, valued at approximately $7,155,854.03. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Enovix Stock Up 10.6 %

ENVX stock traded up $0.62 during mid-day trading on Friday, hitting $6.46. 4,818,734 shares of the company were exchanged, compared to its average volume of 3,753,701. The company has a market capitalization of $1.09 billion, a PE ratio of -4.22 and a beta of 1.62. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65. Enovix Co. has a twelve month low of $5.70 and a twelve month high of $23.90. The firm has a fifty day simple moving average of $8.18 and a 200 day simple moving average of $10.11.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. On average, research analysts forecast that Enovix Co. will post -1.13 earnings per share for the current fiscal 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.