Granahan Investment Management LLC Sells 32,775 Shares of Enovix Corporation $ENVX

Key Points

• Granahan Investment Management LLC reduced its stake in Enovix Corporation by 2.4%, owning 1,326,217 shares worth approximately $9.73 million after selling 32,775 shares.
• Enovix's earnings results for the last quarter included a surprise earnings per share of ($0.13), surpassing estimates, while revenue grew by 98.2% compared to the previous year.
• The company has announced a $60 million share buyback plan, reflecting a belief from leadership that its shares are undervalued.

Granahan Investment Management LLC lessened its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 2.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,326,217 shares of the company's stock after selling 32,775 shares during the period. Granahan Investment Management LLC owned 0.69% of Enovix worth $9,734,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Electron Capital Partners LLC grew its holdings in Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after buying an additional 1,054,029 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after buying an additional 41,559 shares in the last quarter. Royal Bank of Canada grew its holdings in Enovix by 1.5% in the 4th quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock valued at $21,012,000 after buying an additional 28,591 shares in the last quarter. Fred Alger Management LLC grew its holdings in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after buying an additional 1,250,300 shares in the last quarter. Finally, CenterBook Partners LP grew its holdings in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after buying an additional 721,309 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Wall Street Zen cut Enovix from a "hold" rating to a "sell" rating in a research report on Saturday. Canaccord Genuity Group raised their price target on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Finally, B. Riley restated a "buy" rating and issued a $17.00 price target (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Trading Down 1.6%

Shares of ENVX stock traded down $0.15 during mid-day trading on Wednesday, reaching $8.93. 1,396,873 shares of the stock traded hands, compared to its average volume of 6,428,670. The stock's fifty day simple moving average is $11.86 and its two-hundred day simple moving average is $9.14. Enovix Corporation has a 1-year low of $5.27 and a 1-year high of $16.49. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -10.64 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.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $7.50 million during the quarter, compared to the consensus estimate of $5.48 million. During the same period last year, the company earned ($0.14) earnings per share. The firm's revenue was up 98.2% compared to the same quarter last year. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, research analysts anticipate that Enovix Corporation will post -1.01 EPS for the current fiscal year.

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