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

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its position in shares of Enovix by 6.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock worth $233,000 after buying an additional 1,336 shares in the last quarter. DDD Partners LLC raised its position in shares of Enovix by 5.9% in the first quarter. DDD Partners LLC now owns 31,461 shares of the company's stock worth $231,000 after buying an additional 1,764 shares in the last quarter. Harbor Investment Advisory LLC raised its position in shares of Enovix by 6.7% in the first quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company's stock worth $227,000 after buying an additional 1,949 shares in the last quarter. Sava Infond d.o.o. raised its position in shares of Enovix by 50.0% in the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after buying an additional 2,000 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Enovix by 5.4% in the first quarter. Arizona State Retirement System now owns 45,810 shares of the company's stock worth $336,000 after buying an additional 2,346 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Trading Up 0.9%

Shares of ENVX traded up $0.08 during trading hours on Wednesday, hitting $9.15. The company had a trading volume of 6,243,729 shares, compared to its average volume of 5,730,111. The firm has a market cap of $1.80 billion, a P/E ratio of -10.89 and a beta of 2.08. The stock's 50 day moving average price is $11.82 and its 200 day moving average price is $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 Corporation has a 52-week low of $5.27 and a 52-week high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $7.50 million for 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 quarterly revenue was up 98.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, research analysts predict that Enovix Corporation will post -1.01 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ENVX shares. Wall Street Zen downgraded Enovix from a "hold" rating to a "sell" rating in a research report on Saturday. Craig Hallum reiterated a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Canaccord Genuity Group raised their price target on Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Finally, TD Cowen upgraded Enovix to a "hold" rating and raised their price target for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

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.