Blair William & Co. IL Raises Stock Holdings in Enovix Corporation (NASDAQ:ENVX)

Key Points

• Blair William & Co. IL increased its stake in Enovix Corporation by 18.2%, acquiring an additional 47,477 shares during the first quarter, bringing its total ownership to 308,795 shares valued at approximately $2.27 million.
• Analyst ratings for Enovix vary, with Benchmark raising its price target to $25.00 and others like TD Cowen adjusting their ratings and price targets, indicating mixed sentiment around the stock.
• Enovix reported a revenue of $7.50 million for the last quarter, marking a 98.2% increase compared to the previous year, despite posting a net loss of $0.13 per share, which exceeded analyst expectations.

Blair William & Co. IL increased its holdings in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 308,795 shares of the company's stock after purchasing an additional 47,477 shares during the quarter. Blair William & Co. IL owned 0.16% of Enovix worth $2,267,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ENVX. Deutsche Bank AG boosted its holdings in Enovix by 44.8% during the 4th quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock valued at $1,528,000 after acquiring an additional 43,498 shares during the period. Refined Wealth Management boosted its holdings in 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 acquiring an additional 106,843 shares during the period. Strong Tower Advisory Services boosted its holdings in Enovix by 93.1% during the 1st quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock valued at $1,057,000 after acquiring an additional 69,435 shares during the period. L & S Advisors Inc boosted its holdings in Enovix by 50.6% during the 1st quarter. L & S Advisors Inc now owns 191,975 shares of the company's stock valued at $1,409,000 after acquiring an additional 64,471 shares during the period. Finally, Register Financial Advisors LLC boosted its holdings in Enovix by 52.3% during the 1st quarter. Register Financial Advisors LLC now owns 266,336 shares of the company's stock valued at $1,955,000 after acquiring an additional 91,486 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Up 1.1%

ENVX stock traded up $0.12 during trading on Wednesday, hitting $10.82. 2,737,531 shares of the company's stock were exchanged, compared to its average volume of 6,484,109. The business has a 50-day moving average price of $11.42 and a two-hundred day moving average price of $9.35. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -12.87 and a beta of 2.11. Enovix Corporation has a 52-week low of $5.27 and a 52-week high of $16.49. 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 (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share 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 analysts' expectations of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The firm's revenue was up 98.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) earnings per share. As a group, equities research analysts expect that Enovix Corporation will post -1.01 EPS for the current year.

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

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of research analyst reports. Benchmark raised their target price on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a report on Friday, July 25th. JPMorgan Chase & Co. reiterated 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. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. TD Securities decreased their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a research note on Sunday. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $18.90.

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.