King Luther Capital Management Corp bought a new position in Enovix Corporation (NASDAQ:ENVX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 50,000 shares of the company's stock, valued at approximately $367,000.
Other hedge funds also recently made changes to their positions in the company. Franklin Resources Inc. grew its position in shares of Enovix by 25.3% in the 4th quarter. Franklin Resources Inc. now owns 99,721 shares of the company's stock worth $1,084,000 after buying an additional 20,162 shares during the period. Geode Capital Management LLC grew its position in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after buying an additional 235,142 shares during the period. Wells Fargo & Company MN grew its position in shares of Enovix by 4.6% in the 4th quarter. Wells Fargo & Company MN now owns 922,783 shares of the company's stock worth $10,031,000 after buying an additional 40,420 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Enovix by 80.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 115,844 shares of the company's stock worth $1,259,000 after buying an additional 51,690 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Enovix in the 4th quarter worth about $3,484,000. 50.92% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
ENVX has been the topic of a number of recent research reports. Canaccord Genuity Group upped their target price on shares of Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Benchmark upped their price target 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. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price target (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. TD Cowen upgraded shares of Enovix to a "hold" rating and upped their price target for the stock from $7.00 to $15.00 in a research note on Monday, July 7th. Finally, Wall Street Zen upgraded shares of Enovix from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix presently has a consensus rating of "Moderate Buy" and an average price target of $18.90.
Get Our Latest Report on ENVX
Enovix Price Performance
Shares of ENVX stock traded down $0.29 on Friday, reaching $10.21. The company's stock had a trading volume of 6,119,885 shares, compared to its average volume of 6,509,649. The stock's fifty day simple moving average is $11.52 and its 200-day simple moving average is $9.36. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -12.15 and a beta of 2.11.
Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The firm had revenue of $7.50 million during the quarter, compared to analyst estimates of $5.48 million. During the same period last year, the firm posted ($0.14) earnings per share. Enovix's revenue for the quarter was up 98.2% compared to the same quarter last year. Analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.
Enovix announced that its board has authorized a stock repurchase program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.
Enovix Company Profile
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Free Report)
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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