King Luther Capital Management Corp Buys Shares of 50,000 Enovix Corporation (NASDAQ:ENVX)

Key Points

• King Luther Capital Management Corp has acquired 50,000 shares of Enovix Corporation, valued at approximately $367,000, during the first quarter.
• Enovix Corporation reported a 98.2% year-over-year revenue increase to $7.50 million for the last quarter, exceeding analysts' expectations.
• The company has authorized a $60 million stock buyback plan, indicating management's belief that the shares are undervalued.

King Luther Capital Management Corp acquired a new position in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 50,000 shares of the company's stock, valued at approximately $367,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG increased its stake in shares of Enovix by 44.8% in the fourth quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock valued at $1,528,000 after purchasing an additional 43,498 shares during the period. Refined Wealth Management increased its stake in shares of Enovix by 18.8% in the first quarter. Refined Wealth Management now owns 675,449 shares of the company's stock valued at $4,958,000 after purchasing an additional 106,843 shares during the period. Strong Tower Advisory Services increased its stake in shares of Enovix by 93.1% in the first quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock valued at $1,057,000 after purchasing an additional 69,435 shares during the period. CenterBook Partners LP increased its stake in shares of Enovix by 71.0% during the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after acquiring an additional 721,309 shares during the period. Finally, L & S Advisors Inc increased its stake in shares of Enovix by 50.6% during the first quarter. L & S Advisors Inc now owns 191,975 shares of the company's stock valued at $1,409,000 after acquiring an additional 64,471 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Trading Down 2.8%

Enovix stock traded down $0.29 during midday trading on Friday, reaching $10.21. The stock had a trading volume of 6,119,885 shares, compared to its average volume of 8,464,770. The firm's fifty day simple moving average is $11.56 and its two-hundred day simple moving average is $9.33. Enovix Corporation has a twelve month low of $5.27 and a twelve month high of $16.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The firm has a market cap 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 quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping 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 quarter last year, the business posted ($0.14) EPS. The company's revenue was up 98.2% on a year-over-year basis. Equities analysts anticipate that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix declared that its board has approved a share repurchase program on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ENVX shares. B. Riley reiterated a "buy" rating and set a $17.00 price objective (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $12.00 price objective (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Canaccord Genuity Group raised their price objective on shares of Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 4th. TD Cowen upgraded shares of Enovix to a "hold" rating and raised their target price for the stock from $7.00 to $15.00 in a report on Monday, July 7th. Finally, Benchmark raised their target price on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Enovix has a consensus rating of "Moderate Buy" and an average price target of $18.90.

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.