Driehaus Capital Management LLC Acquires 41,559 Shares of Enovix Corporation $ENVX

Key Points

• Driehaus Capital Management LLC increased its stake in Enovix Corporation by 1.8% in Q1, now owning approximately 1.21% of the company worth about $17 million.
• Enovix reported better-than-expected earnings for the last quarter, with a loss of ($0.13) per share, outperforming analysts' estimates and a revenue of $7.50 million, marking an increase of 98.2% year-over-year.
• The company's board has approved a $60 million share buyback plan, indicating confidence in the stock's value; currently, Enovix's shares have a market capitalization of $1.89 billion.

Driehaus Capital Management LLC boosted its stake in Enovix Corporation (NASDAQ:ENVX - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,323,612 shares of the company's stock after purchasing an additional 41,559 shares during the quarter. Driehaus Capital Management LLC owned about 1.21% of Enovix worth $17,055,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Avenir Corp raised its stake in Enovix by 19.6% in the first quarter. Avenir Corp now owns 45,750 shares of the company's stock valued at $336,000 after purchasing an additional 7,510 shares in the last quarter. Ieq Capital LLC acquired a new position in Enovix in the first quarter valued at about $104,000. Nishkama Capital LLC raised its stake in Enovix by 132.0% in the first quarter. Nishkama Capital LLC now owns 610,997 shares of the company's stock valued at $4,485,000 after purchasing an additional 347,628 shares in the last quarter. Old West Investment Management LLC raised its stake in Enovix by 7.0% in the first quarter. Old West Investment Management LLC now owns 835,537 shares of the company's stock valued at $6,133,000 after purchasing an additional 54,973 shares in the last quarter. Finally, AlphaQuest LLC raised its stake in Enovix by 214.4% in the first quarter. AlphaQuest LLC now owns 38,216 shares of the company's stock valued at $281,000 after purchasing an additional 26,062 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ENVX shares. Benchmark boosted their target price on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Cowen reissued a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 target price (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. B. Riley reissued a "buy" rating and set a $17.00 target price (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Finally, Canaccord Genuity Group boosted their target price on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Five 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Trading Down 2.5%

Shares of NASDAQ:ENVX traded down $0.24 during midday trading on Tuesday, hitting $9.38. 5,552,274 shares of the stock were exchanged, compared to its average volume of 6,522,983. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -11.17 and a beta of 2.09. 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 business's 50-day moving average price is $11.92 and its 200 day moving average price is $9.21. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly 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. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The company had revenue of $7.50 million for the quarter, compared to analysts' expectations of $5.48 million. During the same period in the previous year, the business posted ($0.14) earnings per share. The business's quarterly revenue was up 98.2% compared to the same quarter last year. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Analysts predict that Enovix Corporation will post -1.01 earnings per share for the current year.

Enovix announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually 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.