Avantax Advisory Services Inc. Acquires 8,122 Shares of Enovix Corporation (NASDAQ:ENVX)

Avantax Advisory Services Inc. raised its stake in Enovix Corporation (NASDAQ:ENVX) by 13.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,284 shares of the company’s stock after acquiring an additional 8,122 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Enovix were worth $501,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the stock. Coppell Advisory Solutions LLC bought a new position in shares of Enovix during the 4th quarter valued at about $27,000. Sava Infond d.o.o. increased its stake in Enovix by 50.0% during the 1st 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 in the last quarter. Parallel Advisors LLC raised its holdings in Enovix by 103.8% during the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock worth $55,000 after buying an additional 3,849 shares during the period. HBK Sorce Advisory LLC bought a new position in Enovix in the first quarter valued at approximately $74,000. Finally, Smith Salley Wealth Management acquired a new position in shares of Enovix in the first quarter valued at approximately $75,000. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Performance

ENVX stock opened at $11.27 on Wednesday. The business has a 50 day moving average of $11.12 and a 200-day moving average of $9.37. The firm has a market cap of $2.22 billion, a PE ratio of -13.42 and a beta of 2.11. 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.

Enovix (NASDAQ:ENVX) last released its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $5.48 million. During the same period last year, the business posted ($0.14) earnings per share. The business’s revenue for the quarter was up 98.2% on a year-over-year basis. As a group, sell-side analysts expect that Enovix Corporation will post -1.01 earnings per share for the current year.

Enovix announced that its board has initiated a stock repurchase plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. B. Riley reiterated a “buy” rating and set a $17.00 target price (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Wall Street Zen cut Enovix from a “hold” rating to a “sell” rating in a research report on Saturday. Cowen reaffirmed a “hold” rating on shares of Enovix in a research report on Tuesday, July 8th. Craig Hallum reiterated a “buy” rating and issued a $15.00 price objective (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, Canaccord Genuity Group increased their target price on shares of Enovix from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $18.90.

Enovix 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.