BlackRock Inc. acquired 16.48 million shares of Enovix Corporation for approximately $100.1 million. This purchase, disclosed in a recent 13F filing, gives BlackRock a 7.56% ownership stake in the advanced lithium-ion battery manufacturer. Total institutional ownership in Enovix now stands at 50.92%.
Enovix reported second-quarter revenue of $9.02 million. The company posted an earnings per share loss of $0.13, which performed better than market expectations. Analysts maintain a consensus Moderate Buy rating with a price target of $11.77.
The investment follows a period of transition for the battery maker. Enovix announced a new CEO in mid-August and has faced recent analyst downgrades despite its quarterly earnings beat.