Meridian Wealth Management LLC Raises Holdings in Enovix Co. (NASDAQ:ENVX)

Meridian Wealth Management LLC grew its position in shares of Enovix Co. (NASDAQ:ENVX) by 12.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 127,845 shares of the company’s stock after buying an additional 13,685 shares during the quarter. Meridian Wealth Management LLC’s holdings in Enovix were worth $1,390,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Lpwm LLC purchased a new position in shares of Enovix during the fourth quarter worth about $549,000. Oppenheimer & Co. Inc. boosted its stake in shares of Enovix by 52.2% during the third quarter. Oppenheimer & Co. Inc. now owns 272,047 shares of the company’s stock worth $2,541,000 after buying an additional 93,303 shares during the period. Stifel Financial Corp boosted its stake in shares of Enovix by 6.2% during the third quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock worth $8,875,000 after buying an additional 55,094 shares during the period. Register Financial Advisors LLC boosted its stake in shares of Enovix by 172.8% during the fourth quarter. Register Financial Advisors LLC now owns 174,850 shares of the company’s stock worth $1,901,000 after buying an additional 110,750 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Enovix during the fourth quarter worth about $1,380,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Analyst Ratings Changes

ENVX has been the subject of several recent research reports. Craig Hallum decreased their target price on shares of Enovix from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $8.16 on Tuesday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.56 billion, a P/E ratio of -5.63 and a beta of 1.87. Enovix Co. has a 52 week low of $5.70 and a 52 week high of $18.68. The company has a 50-day moving average price of $11.19 and a 200 day moving average price of $10.23.

Enovix (NASDAQ:ENVX) last issued its earnings results on Wednesday, February 19th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01. Enovix had a negative net margin of 963.17% and a negative return on equity of 96.99%. The company had revenue of $9.72 million during the quarter, compared to analysts’ expectations of $8.77 million. Research analysts predict that Enovix Co. will post -1.01 earnings per share for the current year.

Insider Transactions at Enovix

In other news, CEO Rajendra K. Talluri sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $9.35, for a total transaction of $2,805,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,045,301 shares of the company’s stock, valued at $19,123,564.35. This trade represents a 12.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 15.70% of the company’s stock.

About Enovix

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.