Enovix Corporation (NASDAQ:ENVX) Position Increased by Envestnet Asset Management Inc.

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. lifted its holdings in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 54.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 178,578 shares of the company's stock after purchasing an additional 62,734 shares during the quarter. Envestnet Asset Management Inc. owned about 0.09% of Enovix worth $1,311,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Enovix by 6.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock worth $233,000 after acquiring an additional 1,336 shares during the period. Harbor Investment Advisory LLC boosted its stake in shares of Enovix by 6.7% in the first quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock valued at $227,000 after buying an additional 1,949 shares in the last quarter. Sava Infond d.o.o. grew its holdings in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after acquiring an additional 2,000 shares during the period. Advisory Services Network LLC raised its position in Enovix by 2.4% in the fourth quarter. Advisory Services Network LLC now owns 92,270 shares of the company's stock worth $1,003,000 after acquiring an additional 2,198 shares in the last quarter. Finally, Coppell Advisory Solutions LLC acquired a new stake in Enovix in the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Stock Down 0.4%

NASDAQ:ENVX traded down $0.04 during mid-day trading on Wednesday, reaching $11.23. The stock had a trading volume of 5,547,253 shares, compared to its average volume of 6,542,475. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -13.37 and a beta of 2.11. Enovix Corporation has a 1-year low of $5.27 and a 1-year high of $16.49. The stock's 50 day simple moving average is $11.12 and its two-hundred day simple moving average is $9.37.

Enovix (NASDAQ:ENVX - Get Free Report) last issued 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. The firm had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The firm's revenue for the quarter was up 98.2% on a year-over-year basis. During the same period last year, the company earned ($0.14) earnings per share. Equities analysts anticipate that Enovix Corporation will post -1.01 EPS 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 shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on ENVX. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. TD Cowen upgraded shares of Enovix to a "hold" rating and raised their target price for the company from $7.00 to $15.00 in a report on Monday, July 7th. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Benchmark raised their price objective 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. Finally, B. Riley reiterated a "buy" rating and set a $17.00 target price (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $18.90.

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.