Atria Wealth Solutions Inc. Buys 4,250 Shares of Enovix Corporation $ENVX

Atria Wealth Solutions Inc. lifted its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 19.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,844 shares of the company’s stock after buying an additional 4,250 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Enovix were worth $190,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Electron Capital Partners LLC grew its holdings in Enovix by 0.5% during the fourth quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock valued at $61,510,000 after purchasing an additional 29,109 shares during the period. Royal Bank of Canada grew its holdings in Enovix by 1.5% during the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company’s stock valued at $21,012,000 after purchasing an additional 28,591 shares during the period. Fred Alger Management LLC grew its holdings in Enovix by 212.4% during the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. Northern Trust Corp grew its holdings in Enovix by 16.2% during the fourth quarter. Northern Trust Corp now owns 1,519,960 shares of the company’s stock valued at $16,522,000 after purchasing an additional 211,959 shares during the period. Finally, Granahan Investment Management LLC grew its holdings in Enovix by 10.1% during the fourth quarter. Granahan Investment Management LLC now owns 1,358,992 shares of the company’s stock valued at $14,772,000 after purchasing an additional 124,293 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Performance

Shares of ENVX stock opened at $10.21 on Monday. The company’s fifty day simple moving average is $11.56 and its 200-day simple moving average is $9.31. 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 $2.01 billion, a PE ratio of -12.15 and a beta of 2.11. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The firm’s revenue for the quarter was up 98.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. Equities research analysts expect that Enovix Corporation will post -1.01 EPS for the current fiscal year.

Enovix announced that its Board of Directors has approved a share 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 reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 4th. TD Securities decreased their price objective on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Benchmark boosted their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 25th. TD Cowen raised shares of Enovix to a “hold” rating and lifted their price target for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Finally, B. Riley reaffirmed a “buy” rating and issued a $17.00 price target (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.