Northern Trust Corp Cuts Position in Enovix Corporation $ENVX

Key Points

• Northern Trust Corp sold 30,575 shares of Enovix Corporation, reducing its holding to approximately 1.49 million shares, which represents about 0.78% of the company, valued at $10.93 million.
• Multiple analysts have issued bullish ratings for Enovix, with price targets ranging from $15.00 to $25.00, and the stock has an average rating of "Moderate Buy".
• Enovix reported quarterly earnings that exceeded expectations, with revenue up 98.2% year-over-year, while also announcing a stock buyback program of $60 million due to perceived undervaluation.

Northern Trust Corp lessened its holdings in Enovix Corporation (NASDAQ:ENVX - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,489,385 shares of the company's stock after selling 30,575 shares during the quarter. Northern Trust Corp owned about 0.78% of Enovix worth $10,932,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ENVX. Wealth Enhancement Advisory Services LLC grew its stake in Enovix by 6.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after acquiring an additional 1,336 shares during the period. DDD Partners LLC raised its holdings in Enovix by 5.9% in the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company's stock valued at $231,000 after buying an additional 1,764 shares during the period. Harbor Investment Advisory LLC raised its holdings in Enovix by 6.7% in the 1st quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock valued at $227,000 after buying an additional 1,949 shares during the period. Sava Infond d.o.o. increased its stake in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after purchasing an additional 2,000 shares during the period. Finally, Arizona State Retirement System increased its stake in Enovix by 5.4% during the first quarter. Arizona State Retirement System now owns 45,810 shares of the company's stock worth $336,000 after purchasing an additional 2,346 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Stock Up 0.9%

ENVX traded up $0.09 on Wednesday, reaching $9.16. The company's stock had a trading volume of 441,748 shares, compared to its average volume of 6,422,481. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -10.91 and a beta of 2.08. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The stock has a 50 day moving average of $11.86 and a two-hundred day moving average of $9.14. 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 posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. The business had revenue of $7.50 million during the quarter, compared to the consensus estimate of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The company's revenue was up 98.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. As a group, analysts forecast that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix announced that its board has approved a stock buyback program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. TD Cowen upgraded shares of Enovix to a "hold" rating and boosted their price target for the stock from $7.00 to $15.00 in a research note on Monday, July 7th. B. Riley reiterated a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Cowen reiterated a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Wall Street Zen downgraded Enovix from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Benchmark boosted their price objective on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

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.