L & S Advisors Inc Raises Position in Enovix Corporation (NASDAQ:ENVX)

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 increased its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 50.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 191,975 shares of the company's stock after purchasing an additional 64,471 shares during the quarter. L & S Advisors Inc owned approximately 0.10% of Enovix worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Enovix by 15.1% in 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. Electron Capital Partners LLC boosted its holdings in shares of Enovix by 0.5% during the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock valued at $61,510,000 after buying an additional 29,109 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after buying an additional 235,142 shares during the period. Royal Bank of Canada grew its position in shares of Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock worth $21,012,000 after buying an additional 28,591 shares during the period. Finally, Fred Alger Management LLC increased its stake in shares of Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after acquiring an additional 1,250,300 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded down $0.22 during midday trading on Friday, reaching $10.79. 3,763,589 shares of the company's stock traded hands, compared to its average volume of 6,526,130. 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 one year low of $5.27 and a one year high of $16.49. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -12.84 and a beta of 2.11. The stock has a 50 day moving average of $11.24 and a 200 day moving average of $9.39.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The firm had revenue of $7.50 million for the quarter, compared to the consensus estimate of $5.48 million. During the same quarter last year, the firm posted ($0.14) EPS. The business's quarterly revenue was up 98.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix declared that its board has authorized a share repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ENVX. Canaccord Genuity Group upped their price objective on shares of Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday. TD Securities dropped their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Benchmark raised 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. Cowen reiterated a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Finally, B. Riley reissued a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $18.90.

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.