Beverly Hills Private Wealth LLC Acquires 7,050 Shares of Enovix Corporation $ENVX

Beverly Hills Private Wealth LLC lifted its holdings in Enovix Corporation (NASDAQ:ENVX) by 11.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,125 shares of the company’s stock after acquiring an additional 7,050 shares during the period. Beverly Hills Private Wealth LLC’s holdings in Enovix were worth $704,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Calamos Wealth Management LLC bought a new position in shares of Enovix in the second quarter worth about $104,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Enovix during the second quarter valued at approximately $208,000. Strong Tower Advisory Services boosted its stake in Enovix by 1.4% during the second quarter. Strong Tower Advisory Services now owns 146,031 shares of the company’s stock valued at $1,510,000 after buying an additional 1,986 shares during the last quarter. Blair William & Co. IL boosted its stake in Enovix by 3.3% during the second quarter. Blair William & Co. IL now owns 318,998 shares of the company’s stock valued at $3,298,000 after buying an additional 10,203 shares during the last quarter. Finally, Clear Creek Financial Management LLC boosted its stake in Enovix by 17.2% during the second quarter. Clear Creek Financial Management LLC now owns 58,335 shares of the company’s stock valued at $603,000 after buying an additional 8,570 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Trading Up 13.0%

Shares of ENVX stock opened at $12.67 on Tuesday. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The stock’s 50 day simple moving average is $10.50 and its two-hundred day simple moving average is $9.71. The company has a market cap of $2.49 billion, a PE ratio of -15.08 and a beta of 2.07.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) earnings per share (EPS) for the quarter. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The company had revenue of $7.47 million for the quarter. Research 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 repurchase program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Enovix

In other Enovix news, COO Ajay Marathe sold 18,614 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $13.00, for a total transaction of $241,982.00. Following the sale, the chief operating officer directly owned 1,002,684 shares in the company, valued at $13,034,892. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 14.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ENVX. JPMorgan Chase & Co. reissued a “neutral” rating and set a $12.00 price target (up from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Cowen reissued a “hold” rating on shares of Enovix in a research note on Tuesday, July 8th. B. Riley reissued a “buy” rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group increased their price target on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, August 4th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.00.

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.