LPL Financial LLC Increases Holdings in Enovix Corporation $ENVX

LPL Financial LLC raised its holdings in Enovix Corporation (NASDAQ:ENVX) by 7.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 333,427 shares of the company’s stock after buying an additional 24,068 shares during the quarter. LPL Financial LLC owned about 0.17% of Enovix worth $2,447,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Electron Capital Partners LLC raised its holdings in Enovix by 0.5% in the 4th quarter. Electron Capital Partners LLC now owns 5,658,734 shares of the company’s stock worth $61,510,000 after purchasing an additional 29,109 shares in the last quarter. Royal Bank of Canada increased its position in shares of 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 buying an additional 28,591 shares during the period. Fred Alger Management LLC increased its position in shares of 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 buying an additional 1,250,300 shares during the period. Northern Trust Corp raised its stake in Enovix by 16.2% in the fourth quarter. Northern Trust Corp now owns 1,519,960 shares of the company’s stock worth $16,522,000 after buying an additional 211,959 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its holdings in Enovix by 10.1% in the fourth quarter. Granahan Investment Management LLC now owns 1,358,992 shares of the company’s stock worth $14,772,000 after buying an additional 124,293 shares during the period. 50.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on ENVX shares. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $12.00 target price (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Craig Hallum reiterated a “buy” rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Canaccord Genuity Group boosted their target price on shares of Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 4th. Wall Street Zen raised shares of Enovix from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, B. Riley reiterated a “buy” rating and issued a $17.00 price target (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.90.

Enovix Stock Performance

ENVX stock opened at $10.17 on Tuesday. The stock’s 50 day simple moving average is $11.59 and its 200 day simple moving average is $9.30. 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 stock has a market capitalization of $2.00 billion, a PE ratio of -12.11 and a beta of 2.11.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, beating the consensus estimate 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 company had revenue of $7.50 million for the quarter, compared to analysts’ expectations of $5.48 million. During the same period last year, the firm posted ($0.14) earnings per share. Enovix’s revenue was up 98.2% compared to the same quarter last year. As a group, research analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Enovix declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.