Envestnet Asset Management Inc. Has $1.31 Million Holdings in Enovix Corporation (NASDAQ:ENVX)

Key Points

• Envestnet Asset Management Inc. increased its position in Enovix Corporation by 54.2%, acquiring an additional 62,734 shares and owning 178,578 shares total, valued at approximately $1.3 million.
• Enovix Corporation reported a quarterly revenue of $7.5 million, surpassing analyst estimates, and a negative EPS of ($0.13), improving from ($0.14) during the same period last year.
• Several analysts have raised their price targets for Enovix shares, with the highest now set at $25.00, reflecting a positive outlook amid increased institutional interest in the company.

Envestnet Asset Management Inc. increased its position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 54.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 178,578 shares of the company's stock after purchasing an additional 62,734 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of Enovix worth $1,311,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Enovix by 15.1% during the fourth 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 increased its holdings in shares of Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company's stock valued at $61,510,000 after purchasing an additional 29,109 shares during the period. Geode Capital Management LLC increased its holdings in shares of Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after purchasing an additional 235,142 shares during the period. Royal Bank of Canada increased its holdings in shares of Enovix by 1.5% during the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after purchasing an additional 28,591 shares during the period. Finally, Fred Alger Management LLC increased its holdings in shares of Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. TD Securities lowered their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. TD Cowen raised Enovix to a "hold" rating and lifted their target price for the stock from $7.00 to $15.00 in a report on Monday, July 7th. Benchmark lifted their target price on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 target price (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Finally, Cowen reissued a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Enovix presently has an average rating of "Hold" and an average price target of $18.91.

Enovix Stock Up 2.7%

Shares of Enovix stock traded up $0.29 during trading on Monday, hitting $10.99. 7,012,241 shares of the stock traded hands, compared to its average volume of 11,584,855. The stock has a market cap of $2.11 billion, a P/E ratio of -13.08 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 twelve month low of $5.27 and a twelve month high of $16.49. The company has a fifty day moving average price of $10.99 and a two-hundred day moving average price of $9.36.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share 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 during the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the company earned ($0.14) EPS. The company's revenue for the quarter was up 98.2% on a year-over-year basis. Equities research analysts predict that Enovix Corporation will post -1.01 EPS for the current fiscal year.

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