Enovix Corporation (NASDAQ:ENVX) Shares Purchased by L & S Advisors Inc

Key Points

• L & S Advisors Inc increased its stake in Enovix Corporation by 50.6%, acquiring an additional 64,471 shares during the first quarter, bringing their total ownership to approximately 191,975 shares valued at $1.4 million.
• Enovix recently reported earnings per share of ($0.13), surpassing the expected ($0.15) and achieved $7.5 million in revenue, up 98.2% year-over-year.
• The company initiated a $60 million stock repurchase plan, indicating the board's belief that the company's shares are currently undervalued.

L & S Advisors Inc boosted its position in Enovix Corporation (NASDAQ:ENVX - Free Report) by 50.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,975 shares of the company's stock after purchasing an additional 64,471 shares during the period. L & S Advisors Inc owned approximately 0.10% of Enovix worth $1,409,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ENVX. Deutsche Bank AG raised its stake in Enovix by 44.8% during the 4th quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock valued at $1,528,000 after purchasing an additional 43,498 shares during the period. Vanguard Group Inc. raised its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the period. Refined Wealth Management raised its stake in Enovix by 18.8% during the 1st quarter. Refined Wealth Management now owns 675,449 shares of the company's stock valued at $4,958,000 after purchasing an additional 106,843 shares during the period. Strong Tower Advisory Services raised its stake in Enovix by 93.1% during the 1st quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock valued at $1,057,000 after purchasing an additional 69,435 shares during the period. Finally, Register Financial Advisors LLC increased its stake in shares of Enovix by 52.3% in the first quarter. Register Financial Advisors LLC now owns 266,336 shares of the company's stock worth $1,955,000 after acquiring an additional 91,486 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

Enovix Trading Down 20.1%

Shares of ENVX opened at $10.70 on Monday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -12.74 and a beta of 2.11. 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. The firm has a 50 day moving average price of $10.99 and a 200-day moving average price of $9.36.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. The company had revenue of $7.50 million for 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%. Enovix's revenue for the quarter was up 98.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. 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 has initiated a stock repurchase plan on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. TD Securities dropped their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Benchmark upped their price target on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price target (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. B. Riley reiterated a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, TD Cowen upgraded shares of Enovix to a "hold" rating and upped their price objective for the stock from $7.00 to $15.00 in a report on Monday, July 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enovix has an average rating of "Hold" and a consensus target price of $18.60.

Enovix Company 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.

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