Driehaus Capital Management LLC Has $17.06 Million Stock Position in 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 grew its holdings in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 1.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,323,612 shares of the company's stock after acquiring an additional 41,559 shares during the quarter. Driehaus Capital Management LLC owned about 1.21% of Enovix worth $17,055,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

ENVX has been the topic of a number of research reports. 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. B. Riley reissued 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. Benchmark boosted their price objective on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Craig Hallum reissued a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Enovix currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Enovix Trading Down 0.8%

Shares of Enovix stock traded down $0.07 on Thursday, reaching $9.02. 5,320,861 shares of the company were exchanged, compared to its average volume of 5,879,824. The stock has a fifty day moving average price of $11.92 and a 200-day moving average price of $9.19. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of -10.74 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 fifty-two week low of $5.27 and a fifty-two week high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. The company had revenue of $7.50 million for 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%.Enovix'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 firm earned ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, analysts expect that Enovix Corporation will post -1.01 EPS for the current year.

Enovix declared that its board has authorized a stock 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 purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are 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.