Kathmere Capital Management LLC Makes New Investment in Enovix Corporation (NASDAQ:ENVX)

Kathmere Capital Management LLC bought a new position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 24,820 shares of the company's stock, valued at approximately $182,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Enovix by 6.1% during the 4th quarter. Bank of New York Mellon Corp now owns 501,539 shares of the company's stock worth $5,452,000 after buying an additional 28,905 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Enovix by 9.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company's stock worth $14,656,000 after purchasing an additional 119,288 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Enovix by 6.8% during the 4th quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after purchasing an additional 1,257 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Enovix in the 4th quarter valued at approximately $3,484,000. Finally, Amundi grew its position in shares of Enovix by 360.8% in the 4th quarter. Amundi now owns 235,369 shares of the company's stock valued at $2,558,000 after purchasing an additional 184,294 shares during the period. 50.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

ENVX has been the topic of a number of research reports. TD Securities cut their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. B. Riley restated a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lowered their target price on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Finally, Cowen reissued a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $14.65 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The business has a 50-day moving average of $9.04 and a 200-day moving average of $9.10. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -11.36 and a beta of 2.09. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $18.68.

Enovix declared that its board has authorized a stock buyback program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign 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.

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