Enovix Corporation $ENVX Shares Purchased by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in Enovix Corporation by 21.5% in Q1, resulting in ownership of 2,233,446 shares valued at $16.39 million.
• Enovix reported a quarterly revenue of $7.50 million, exceeding expectations, and a narrower loss per share of ($0.13) compared to consensus estimates.
• The company's Board of Directors initiated a share repurchase program allowing for the buyback of up to $60 million in shares, indicating a belief that the stock is undervalued.

Fred Alger Management LLC lifted its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 21.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,233,446 shares of the company's stock after acquiring an additional 394,532 shares during the quarter. Fred Alger Management LLC owned approximately 1.16% of Enovix worth $16,393,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ENVX. Goldman Sachs Group Inc. lifted its holdings in Enovix by 65.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Pingora Partners LLC lifted its holdings in Enovix by 93.5% in the 1st quarter. Pingora Partners LLC now owns 20,700 shares of the company's stock worth $152,000 after purchasing an additional 10,000 shares in the last quarter. Murchinson Ltd. raised its holdings in shares of Enovix by 66.7% during the 1st quarter. Murchinson Ltd. now owns 50,000 shares of the company's stock worth $367,000 after acquiring an additional 20,000 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Enovix by 10.4% during the 1st quarter. NewEdge Advisors LLC now owns 26,257 shares of the company's stock worth $193,000 after acquiring an additional 2,481 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Enovix by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,318 shares of the company's stock worth $722,000 after acquiring an additional 4,780 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 price objective (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Benchmark boosted their target price on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. TD Cowen raised Enovix to a "hold" rating and boosted their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. B. Riley reaffirmed a "buy" rating and issued a $17.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Finally, Cowen reaffirmed a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded up $0.14 during trading on Friday, hitting $8.14. The stock had a trading volume of 8,756,268 shares, compared to its average volume of 7,330,006. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $16.49. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -9.69 and a beta of 2.08. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The stock has a 50-day simple moving average of $11.69 and a two-hundred day simple moving average of $9.12.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its 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 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%.Enovix's revenue for the quarter was up 98.2% compared to the same quarter last year. During the same period last year, the company earned ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, equities research analysts expect that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Enovix declared that its board has authorized a stock 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 buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

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.