AlphaQuest LLC Purchases 26,062 Shares of Enovix Corporation $ENVX

Key Points

• AlphaQuest LLC increased its stake in Enovix Corporation by 214.4%, acquiring an additional 26,062 shares in the first quarter, bringing its total holdings to 38,216 shares worth $281,000.
• The company reported a 98.2% increase in revenue year-over-year, totaling $7.50 million for the quarter, and exceeded analyst expectations by reporting an EPS of ($0.13).
• Enovix has initiated a $60 million stock buyback program, allowing the repurchase of up to 3.1% of its outstanding shares, indicating management's belief that the stock is undervalued.

AlphaQuest LLC lifted its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 214.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,216 shares of the company's stock after purchasing an additional 26,062 shares during the quarter. AlphaQuest LLC's holdings in Enovix were worth $281,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ENVX. Deutsche Bank AG boosted its stake in Enovix by 44.8% in the fourth quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock valued at $1,528,000 after buying an additional 43,498 shares in the last quarter. Refined Wealth Management grew its holdings in shares of Enovix by 18.8% during the 1st quarter. Refined Wealth Management now owns 675,449 shares of the company's stock valued at $4,958,000 after purchasing an additional 106,843 shares during the last quarter. Strong Tower Advisory Services grew its holdings in shares of Enovix by 93.1% during the first quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock worth $1,057,000 after purchasing an additional 69,435 shares during the last quarter. CenterBook Partners LP grew its holdings in shares of Enovix by 71.0% during the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after purchasing an additional 721,309 shares during the last quarter. Finally, L & S Advisors Inc grew its holdings in shares of Enovix by 50.6% during the first quarter. L & S Advisors Inc now owns 191,975 shares of the company's stock worth $1,409,000 after purchasing an additional 64,471 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ENVX shares. Benchmark boosted their price target on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Canaccord Genuity Group boosted their price objective on shares of Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. B. Riley restated a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 target price (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Finally, Craig Hallum reaffirmed a "buy" rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Enovix presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Enovix Trading Down 3.6%

Shares of ENVX stock traded down $0.35 during trading hours on Tuesday, hitting $9.28. 3,766,048 shares of the company were exchanged, compared to its average volume of 6,511,700. The firm has a market cap of $1.82 billion, a P/E ratio of -11.07 and a beta of 2.09. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The company has a 50 day simple moving average of $11.92 and a two-hundred day simple moving average of $9.21.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.02. The company had revenue of $7.50 million during the quarter, compared to the consensus estimate of $5.48 million. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The company's quarterly revenue was up 98.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.14) EPS. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Equities analysts anticipate that Enovix Corporation will post -1.01 EPS for the current year.

Enovix announced that its board has approved a stock buyback plan on Wednesday, July 2nd that permits the company to buyback $60.00 million in shares. This buyback authorization permits the company to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.