Enovix Corporation $ENVX Shares Acquired by Electron Capital Partners LLC

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 grew its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 18.6% during the first 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 purchasing an additional 1,054,029 shares during the quarter. Enovix comprises approximately 3.2% of Electron Capital Partners LLC's portfolio, making the stock its 13th largest holding. Electron Capital Partners LLC owned approximately 3.50% of Enovix worth $49,272,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 buying an additional 1,336 shares during the last quarter. DDD Partners LLC increased its holdings in shares of 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 buying an additional 1,764 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of 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 buying an additional 1,949 shares during the last quarter. Sava Infond d.o.o. increased its holdings 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 worth $44,000 after buying an additional 2,000 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of 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 buying an additional 2,346 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ENVX shares. JPMorgan Chase & Co. restated a "neutral" rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a report on Thursday, July 24th. Canaccord Genuity Group raised their price target on shares of Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Benchmark raised their price target on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. B. Riley reiterated a "buy" rating and issued a $17.00 target price (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, Wall Street Zen downgraded shares of Enovix from a "hold" rating to a "sell" rating in a report on Saturday. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Enovix presently has an average rating of "Moderate Buy" and an average target price of $17.00.

Enovix Stock Up 2.2%

Shares of NASDAQ:ENVX traded up $0.20 during trading on Monday, hitting $9.39. The company's stock had a trading volume of 4,865,227 shares, compared to its average volume of 6,473,557. The business has a 50 day moving average price of $11.90 and a two-hundred day moving average price of $9.15. The company has a market capitalization of $1.85 billion, a PE ratio of -11.18 and a beta of 2.08. 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 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 posted its quarterly 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. The business 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 quarterly revenue was up 98.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. As a group, research analysts expect that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix declared that its board has approved a stock buyback program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership 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.