Fred Alger Management LLC Boosts Position in Enovix Corporation $ENVX

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 position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 21.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,233,446 shares of the company's stock after purchasing an additional 394,532 shares during the quarter. Fred Alger Management LLC owned about 1.16% of Enovix worth $16,393,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its position in shares of Enovix by 6.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after purchasing an additional 1,336 shares in the last quarter. DDD Partners LLC boosted its position in shares of Enovix by 5.9% during the first quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after purchasing an additional 1,764 shares in the last quarter. Harbor Investment Advisory LLC boosted its position in shares of Enovix by 6.7% during the first quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock valued at $227,000 after purchasing an additional 1,949 shares in the last quarter. Sava Infond d.o.o. boosted its position in shares of Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock valued at $44,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Enovix by 5.4% during the first quarter. Arizona State Retirement System now owns 45,810 shares of the company's stock valued at $336,000 after purchasing an additional 2,346 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ENVX shares. Benchmark lifted their price target on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Canaccord Genuity Group boosted their target price on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Wall Street Zen downgraded Enovix from a "hold" rating to a "sell" rating in a report on Saturday, September 6th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $12.00 target price (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Stock Up 1.8%

Shares of ENVX stock traded up $0.14 during mid-day trading on Friday, hitting $8.14. The company's stock had a trading volume of 8,756,268 shares, compared to its average volume of 7,461,971. Enovix Corporation has a 52-week low of $5.27 and a 52-week high of $16.49. The business has a 50-day moving average price of $11.69 and a 200 day moving average price of $9.11. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -9.69 and a beta of 2.09.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly 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 analysts' expectations of $5.48 million. During the same quarter in the previous year, the business earned ($0.14) earnings per share. The company's revenue was up 98.2% on a year-over-year basis. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Research analysts predict that Enovix Corporation will post -1.01 EPS for the current fiscal year.

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

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.