Bayforest Capital Ltd Buys Shares of 52,459 Enovix Corporation $ENVX

Key Points

• Bayforest Capital Ltd has invested approximately $385,000 in Enovix Corporation by acquiring 52,459 shares, marking a new position in the company's stock.
• Enovix reported a revenue of $7.50 million for the quarter, significantly exceeding analyst estimates of $5.48 million, alongside a quarterly EPS of -$0.13, beating the consensus estimate by $0.02.
• The company's stock has received a mixed sentiment from analysts, with five rating it as a Buy and five as a Hold, resulting in a current consensus rating of "Moderate Buy".

Bayforest Capital Ltd purchased a new position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 52,459 shares of the company's stock, valued at approximately $385,000.

A number of other institutional investors have also made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Enovix by 18.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company's stock worth $2,628,000 after buying an additional 55,676 shares during the period. Caxton Associates LLP acquired a new stake in shares of Enovix during the 1st quarter worth approximately $190,000. Fred Alger Management LLC grew its holdings in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock worth $16,393,000 after purchasing an additional 394,532 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Enovix by 65.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Finally, Pingora Partners LLC grew its holdings in shares of Enovix by 93.5% during the 1st quarter. Pingora Partners LLC now owns 20,700 shares of the company's stock worth $152,000 after purchasing an additional 10,000 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

Enovix Stock Performance

Enovix stock traded down $0.18 during trading on Tuesday, hitting $8.96. The stock had a trading volume of 2,926,073 shares, compared to its average volume of 6,677,263. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The stock's 50 day moving average is $11.61 and its two-hundred day moving average is $9.11. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -10.62 and a beta of 2.09.

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

Enovix announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

ENVX has been the topic of several recent research reports. Wall Street Zen lowered Enovix from a "hold" rating to a "sell" rating in a report on Saturday, September 6th. Canaccord Genuity Group boosted their price objective on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $12.00 price objective (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Cowen reissued a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Finally, Benchmark upped their price target on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

Enovix Company Profile

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.