Beirne Wealth Consulting Services LLC Acquires 10,000 Shares of Enovix Corporation $ENVX

Beirne Wealth Consulting Services LLC lifted its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 17.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 67,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Beirne Wealth Consulting Services LLC’s holdings in Enovix were worth $693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ENVX. Teacher Retirement System of Texas lifted its position in Enovix by 5.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 24,606 shares of the company’s stock worth $254,000 after buying an additional 1,336 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Enovix in the second quarter worth about $3,612,000. Bessemer Group Inc. raised its stake in shares of Enovix by 400.6% in the second quarter. Bessemer Group Inc. now owns 12,534 shares of the company’s stock worth $130,000 after acquiring an additional 10,030 shares during the last quarter. Richards Merrill & Peterson Inc. lifted its position in shares of Enovix by 7.2% during the second quarter. Richards Merrill & Peterson Inc. now owns 67,598 shares of the company’s stock worth $699,000 after purchasing an additional 4,513 shares in the last quarter. Finally, DDD Partners LLC grew its stake in shares of Enovix by 26.3% during the second quarter. DDD Partners LLC now owns 39,725 shares of the company’s stock valued at $411,000 after purchasing an additional 8,264 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Stock Down 4.0%

Shares of Enovix stock opened at $11.68 on Wednesday. The company has a market capitalization of $2.30 billion, a P/E ratio of -13.90 and a beta of 2.07. 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 business has a 50-day moving average of $10.67 and a two-hundred day moving average of $9.95. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) EPS for the quarter. The company had revenue of $7.47 million during the quarter. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. As a group, equities analysts predict that Enovix Corporation will post -1.01 EPS for the current year.

Enovix declared that its board has approved a share repurchase program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, COO Ajay Marathe sold 18,614 shares of the company’s stock in a transaction dated 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 owned 1,002,684 shares in the company, valued at approximately $13,034,892. This represents a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 14.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Canaccord Genuity Group lifted their target price on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, August 4th. TD Cowen upgraded Enovix to a “hold” rating and raised their price target for the company from $7.00 to $15.00 in a report on Monday, July 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research report on Wednesday, October 8th. B. Riley restated a “buy” rating and set a $17.00 target price (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Enovix currently has a consensus rating of “Hold” 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.