Enovix Corporation $ENVX Shares Acquired by Clear Creek Financial Management LLC

Clear Creek Financial Management LLC increased its position in Enovix Corporation (NASDAQ:ENVX) by 17.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,335 shares of the company’s stock after acquiring an additional 8,570 shares during the period. Clear Creek Financial Management LLC’s holdings in Enovix were worth $603,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Electron Capital Partners LLC grew its holdings in shares of Enovix by 18.6% in 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 during the period. Driehaus Capital Management LLC lifted its stake in Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after buying an additional 41,559 shares in the last quarter. Fred Alger Management LLC lifted its stake in Enovix by 21.5% in the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock valued at $16,393,000 after buying an additional 394,532 shares in the last quarter. CenterBook Partners LP lifted its stake in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after buying an additional 721,309 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in Enovix in the 2nd quarter valued at approximately $13,206,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 3.8%

Shares of Enovix stock opened at $12.07 on Friday. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The firm has a market cap of $2.37 billion, a PE ratio of -14.37 and a beta of 2.07. The business’s fifty day moving average is $10.34 and its two-hundred day moving average is $9.46. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The business had revenue of $7.47 million for the quarter. Analysts anticipate that Enovix Corporation will post -1.01 earnings per share for the current year.

Enovix declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research note on Wednesday. Canaccord Genuity Group upped their target price on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a research note on Saturday, September 6th. B. Riley reaffirmed a “buy” rating and issued a $17.00 target price (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Finally, TD Cowen raised Enovix to a “hold” rating and upped their target price for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the transaction, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at $12,337,380.59. This represents a 10.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 14.10% of the stock is currently owned by corporate insiders.

About Enovix

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.