Sonora Investment Management Group LLC Purchases 89,227 Shares of Enovix Corporation $ENVX

Key Points

• Sonora Investment Management Group LLC increased its stake in Enovix Corporation by 27.5%, now owning approximately 413,676 shares valued at $4.27 million.
• Enovix recently reported a quarterly revenue growth of 98.2% year-on-year, reaching $7.50 million, and beat earnings expectations with EPS of (0.13).
• The company has authorized a $60 million stock buyback plan, indicating confidence from its board regarding the company’s valuation.

Sonora Investment Management Group LLC grew its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 27.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 413,676 shares of the company's stock after buying an additional 89,227 shares during the period. Sonora Investment Management Group LLC owned approximately 0.22% of Enovix worth $4,277,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC bought a new stake in Enovix in the 2nd quarter valued at $13,206,000. Electron Capital Partners LLC boosted its stake in Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after purchasing an additional 1,054,029 shares during the period. CenterBook Partners LP boosted its stake in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after purchasing an additional 721,309 shares during the period. Goldman Sachs Group Inc. boosted its stake in Enovix by 65.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock valued at $8,351,000 after purchasing an additional 449,934 shares during the period. Finally, Nuveen LLC bought a new stake in Enovix in the 1st quarter valued at $3,030,000. Institutional investors own 50.92% of the company's stock.

Enovix Stock Performance

NASDAQ ENVX opened at $10.09 on Friday. The company's 50 day moving average is $10.79 and its 200-day moving average is $9.22. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $16.49. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The firm has a market cap of $1.98 billion, a P/E ratio of -12.01 and a beta of 2.08.

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 return on equity of 73.88% and a negative net margin of 481.35%.The business had revenue of $7.50 million during the quarter, compared to analyst estimates of $5.48 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The company's quarterly revenue was up 98.2% compared to the same quarter last year. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Sell-side analysts predict that Enovix Corporation will post -1.01 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. TD Cowen upgraded Enovix to a "hold" rating and upped their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Benchmark upped their target price on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. JPMorgan Chase & Co. reissued 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. Cowen reaffirmed a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group increased their price target on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.

Want to see what other hedge funds are holding ENVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enovix Corporation (NASDAQ:ENVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.