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

A number of other institutional investors and hedge funds have also recently modified their holdings of ENVX. Wealth Enhancement Advisory Services LLC boosted its holdings in Enovix by 6.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after acquiring an additional 1,336 shares during the period. DDD Partners LLC boosted its holdings in Enovix by 5.9% during the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after acquiring an additional 1,764 shares during the period. Harbor Investment Advisory LLC boosted its holdings in Enovix by 6.7% during the 1st quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock valued at $227,000 after acquiring an additional 1,949 shares during the period. Sava Infond d.o.o. boosted its holdings in Enovix by 50.0% during the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock valued at $44,000 after acquiring an additional 2,000 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Enovix by 5.4% during the 1st quarter. Arizona State Retirement System now owns 45,810 shares of the company's stock valued at $336,000 after acquiring an additional 2,346 shares during the period. Hedge funds and other institutional investors own 50.92% of the company's stock.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of recent analyst reports. Canaccord Genuity Group boosted their price objective on Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 4th. Craig Hallum restated a "buy" rating and set a $15.00 price objective (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Wall Street Zen cut Enovix from a "hold" rating to a "sell" rating in a report on Saturday, September 6th. TD Cowen upgraded Enovix to a "hold" rating and boosted their price objective for the company from $7.00 to $15.00 in a report on Monday, July 7th. Finally, Cowen reiterated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Trading Up 0.9%

ENVX opened at $9.15 on Thursday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -10.89 and a beta of 2.08. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49. The stock has a fifty day moving average price of $11.82 and a 200-day moving average price of $9.14.

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

Enovix declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the company to purchase 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.

Enovix 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.

Want to see what other hedge funds are holding ENVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enovix Corporation (NASDAQ:ENVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.