Old West Investment Management LLC Buys 54,973 Shares of Enovix Corporation $ENVX

Key Points

• Old West Investment Management LLC increased its stake in Enovix Corporation by 7.0%, acquiring an additional 54,973 shares, which now constitutes about 2.2% of its investment portfolio.
• Several analysts have recently upgraded their ratings for Enovix, with **Benchmark** raising the price target to $25.00 and a consensus rating of Moderate Buy among research analysts.
• Enovix reported a revenue of $7.50 million for its most recent quarter, exceeding estimates, marking a year-over-year increase of 98.2%.

Old West Investment Management LLC grew its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 7.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 835,537 shares of the company's stock after acquiring an additional 54,973 shares during the period. Enovix comprises approximately 2.2% of Old West Investment Management LLC's investment portfolio, making the stock its 18th biggest holding. Old West Investment Management LLC owned approximately 0.44% of Enovix worth $6,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENVX. Envestnet Asset Management Inc. raised its stake in shares of Enovix by 80.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 115,844 shares of the company's stock valued at $1,259,000 after acquiring an additional 51,690 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Enovix during the fourth quarter valued at approximately $3,484,000. Mariner LLC raised its stake in shares of Enovix by 46.0% during the fourth quarter. Mariner LLC now owns 51,902 shares of the company's stock valued at $564,000 after acquiring an additional 16,356 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Enovix by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 99,773 shares of the company's stock valued at $1,085,000 after acquiring an additional 13,634 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Enovix by 685.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,122 shares of the company's stock valued at $164,000 after acquiring an additional 13,196 shares in the last quarter. Institutional investors own 50.92% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ENVX shares. Benchmark lifted their price target on shares of Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Craig Hallum reissued a "buy" rating and set a $15.00 price objective (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. B. Riley reissued a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price objective (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.90.

Enovix Price Performance

NASDAQ ENVX opened at $10.51 on Monday. The firm's fifty day simple moving average is $11.73 and its two-hundred day simple moving average is $9.26. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $16.49. The firm has a market capitalization of $2.07 billion, a P/E ratio of -12.51 and a beta of 2.11.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the company earned ($0.14) earnings per share. The business's revenue for the quarter was up 98.2% on a year-over-year basis. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Analysts forecast that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

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.

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