Enovix Corporation (NASDAQ:ENVX) Stake Lifted by Blair William & Co. IL

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 grew its holdings in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 308,795 shares of the company's stock after buying 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 quarter.

Several other institutional investors also recently bought and sold shares of ENVX. Coppell Advisory Solutions LLC purchased a new position in shares of Enovix in the 4th quarter valued at $27,000. Sava Infond d.o.o. boosted its position in shares of Enovix by 50.0% in the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after buying an additional 2,000 shares during the period. Parallel Advisors LLC grew its stake in shares of Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after buying an additional 3,849 shares in the last quarter. HBK Sorce Advisory LLC purchased a new stake in shares of Enovix during the 1st quarter valued at about $74,000. Finally, Smith Salley Wealth Management acquired a new position in Enovix during the 1st quarter worth approximately $75,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ENVX has been the topic of a number of analyst reports. Craig Hallum reiterated a "buy" rating and set a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Benchmark upped their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. 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. TD Securities reduced their price target on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Finally, Cowen reaffirmed a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.90.

Enovix Stock Performance

Shares of NASDAQ ENVX traded down $0.22 during mid-day trading on Friday, hitting $10.78. The company had a trading volume of 4,598,117 shares, compared to its average volume of 9,773,324. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -12.83 and a beta of 2.11. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The firm's 50 day simple moving average is $11.30 and its two-hundred day simple moving average is $9.35.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating 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 revenue for the quarter was up 98.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) earnings per share. As a group, equities research analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current year.

Enovix declared that its Board of Directors has initiated a share buyback program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board 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.