Meridian Wealth Management LLC Boosts Holdings in Enovix Corporation $ENVX

Meridian Wealth Management LLC raised its position in shares of Enovix Corporation (NASDAQ:ENVX) by 17.1% during the second quarter, HoldingsChannel reports. The fund owned 155,395 shares of the company’s stock after acquiring an additional 22,650 shares during the quarter. Meridian Wealth Management LLC’s holdings in Enovix were worth $1,607,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas bought a new position in Enovix during the 1st quarter valued at about $171,000. Bank of New York Mellon Corp boosted its position in shares of Enovix by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 504,179 shares of the company’s stock valued at $3,701,000 after buying an additional 2,640 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Enovix by 54.2% during the first quarter. Envestnet Asset Management Inc. now owns 178,578 shares of the company’s stock valued at $1,311,000 after buying an additional 62,734 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Enovix by 5.4% in the first quarter. Arizona State Retirement System now owns 45,810 shares of the company’s stock worth $336,000 after buying an additional 2,346 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in shares of Enovix by 26.1% in the first quarter. New York State Common Retirement Fund now owns 51,769 shares of the company’s stock worth $380,000 after buying an additional 10,700 shares during the period. Institutional investors own 50.92% of the company’s stock.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several research analyst reports. Benchmark upped their price objective on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Oppenheimer set a $24.00 price target on shares of Enovix in a research note on Thursday, November 6th. JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday. Cantor Fitzgerald dropped their target price on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Finally, Canaccord Genuity Group decreased their price target on shares of Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.67.

Insiders Place Their Bets

In related news, COO Ajay Marathe sold 18,614 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total transaction of $241,982.00. Following the sale, the chief operating officer owned 1,002,684 shares of the company’s stock, valued at $13,034,892. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 14.10% of the stock is currently owned by insiders.

Enovix Price Performance

NASDAQ ENVX opened at $8.03 on Friday. The company has a market cap of $1.73 billion, a PE ratio of -9.91 and a beta of 2.09. The firm’s 50 day moving average price is $10.72 and its 200-day moving average price is $10.29. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. Enovix Corporation has a 52-week low of $5.27 and a 52-week high of $16.49.

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

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.