Electron Capital Partners LLC Increases Holdings in Enovix Corporation $ENVX

Key Points

• Electron Capital Partners LLC increased its stake in Enovix Corporation by 18.6%, now owning 6,712,763 shares, making Enovix the 13th largest position in their investment portfolio.
• Enovix announced a $60 million share repurchase plan, indicating that the board believes the company’s shares are undervalued.
• Analysts have raised their price targets for Enovix, with Benchmark increasing it from $15.00 to $25.00 and Craig Hallum maintaining a "buy" rating with a target of $15.00.

Electron Capital Partners LLC raised its position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,712,763 shares of the company's stock after acquiring an additional 1,054,029 shares during the period. Enovix makes up approximately 3.2% of Electron Capital Partners LLC's holdings, making the stock its 13th biggest holding. Electron Capital Partners LLC owned approximately 3.50% of Enovix worth $49,272,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Stone House Investment Management LLC bought a new position in shares of Enovix during the 1st quarter valued at approximately $37,000. Sava Infond d.o.o. increased its position in shares of 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 purchasing an additional 2,000 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Enovix by 103.8% during the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares during the last quarter. HBK Sorce Advisory LLC bought a new position in shares of Enovix during the 1st quarter valued at approximately $74,000. Finally, AMG National Trust Bank bought a new position in shares of Enovix during the 1st quarter valued at approximately $75,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Stock Performance

Enovix stock traded down $0.28 during midday trading on Tuesday, hitting $9.12. 2,250,244 shares of the company were exchanged, compared to its average volume of 6,447,756. The firm has a market capitalization of $1.79 billion, a PE ratio of -10.85 and a beta of 2.09. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The business has a fifty day simple moving average of $11.88 and a two-hundred day simple moving average of $9.14. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37.

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

Enovix declared that its Board of Directors has approved a share buyback program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several research analyst reports. B. Riley reaffirmed a "buy" rating and issued a $17.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Benchmark upped their price objective on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Cowen reaffirmed a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Finally, TD Cowen raised Enovix to a "hold" rating and upped their price objective for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Enovix presently has an average rating of "Moderate Buy" and an average price target of $17.00.

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.