Granahan Investment Management LLC has increased its stake in Enovix Co. (ENVX:NSD) by 10.4%, according to its recent filing with the Securities and Exchange Commission (SEC). The move has caught the attention of investors as Enovix continues to attract interest from other large institutional investors. In this blog post, we delve into the details of Granahan Investment Management’s growing holdings in Enovix and highlight the recent ENVX stock performance, insider activity, and analyst opinions.
Granahan Investment Management’s Increased Stake:
Granahan Investment Management LLC raised its stake in Enovix Co. by 10.4% during the 4th quarter, acquiring an additional 179,521 shares. As per the recent Form 13F filing with the SEC, Granahan Investment Management now owns 1,908,818 shares of ENVX stock, representing approximately 1.22% of the total ENVX stock shares. The total value of Granahan Investment Management’s stake in Enovix amounts to $23,746,000.
Institutional Investor Interest:
Apart from Granahan Investment Management, several other large institutional investors have made adjustments to their holdings in Enovix. Vanguard Group Inc. increased its stake by 10.3% during the 3rd quarter, while Geode Capital Management LLC and State Street Corp raised their stakes by 3.9% and 4.1% respectively during the 4th quarter. Handelsbanken Fonder AB and Mirae Asset Global Investments Co. Ltd. also significantly increased their stakes in Enovix during the same period. Institutional investors and hedge funds now collectively own 55.62% of ENVX stock.
ENVX Stock Performance:
Enovix stock (ENVX:NSD) experienced a 2.9% decline, trading at $13.73 on Friday. The average trading volume of ENVX stock stood at 3,622,477 shares, while its fifty-day and two-hundred-day moving averages were $12.82 and $11.04 respectively. With a market capitalization of $2.17 billion, Enovix has a P/E ratio of -9.48 and a beta of 1.18. Over the past year, the stock has reached a low of $6.50 and a high of $26.30.
Insider Activity:
Enovix has witnessed notable insider buying activity recently. Director Thurman J. Rodgers and CEO Rajendra K. Talluri made significant share acquisitions. Rodgers acquired 69,557 shares at an average cost of $10.88 per share, while Talluri purchased 5,000 shares at an average price of $11.22 per share. These insider transactions demonstrate confidence in the company’s prospects. Overall, insiders have acquired a total of 114,456 shares in the last 90 days, with corporate insiders now owning 17.30% of ENVX stock.
ENVX Stock-Analyst Ratings:
Enovix has garnered positive attention from analysts, with twelve investment analysts rating the ENVX stock as “Strong Buy.” Price targets for Enovix range from $16.00 to $67.00, with a consensus target of $31.08. Analysts have emphasized Enovix’s growth potential and the positive outlook for its innovative technologies.
Conclusion:
Granahan Investment Management’s increased stake in Enovix Co. has sparked investor interest, highlighting the growing confidence in the company’s future prospects. Despite a recent decline in Enovix stock price, Enovix’s long-term growth potential, positive analyst ratings, and insider activity indicate a promising outlook. Investors will closely watch Enovix as it continues to make strides in the market.
