Fred Alger Management LLC Grows Position in Enovix Corporation $ENVX

Fred Alger Management LLC boosted its stake in Enovix Corporation (NASDAQ:ENVX) by 21.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,233,446 shares of the company’s stock after buying an additional 394,532 shares during the quarter. Fred Alger Management LLC’s holdings in Enovix were worth $16,393,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC raised its position in Enovix by 6.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company’s stock valued at $233,000 after buying an additional 1,336 shares during the last quarter. DDD Partners LLC raised its position in Enovix by 5.9% in the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company’s stock valued at $231,000 after buying an additional 1,764 shares during the last quarter. Harbor Investment Advisory LLC raised its position in Enovix by 6.7% in the 1st quarter. Harbor Investment Advisory LLC now owns 30,984 shares of the company’s stock valued at $227,000 after buying an additional 1,949 shares during the last quarter. Sava Infond d.o.o. raised its position in Enovix by 50.0% in the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company’s stock valued at $44,000 after buying an additional 2,000 shares during the last quarter. Finally, Arizona State Retirement System raised its position in Enovix by 5.4% in the 1st quarter. Arizona State Retirement System now owns 45,810 shares of the company’s stock valued at $336,000 after buying an additional 2,346 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Stock Up 2.2%

ENVX stock opened at $9.39 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -11.18 and a beta of 2.09. Enovix Corporation has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The stock has a fifty day moving average of $11.88 and a 200-day moving average of $9.14.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. The company had revenue of $7.50 million during the quarter, compared to the consensus estimate of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The firm’s quarterly revenue was up 98.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.14) EPS. Enovix has set its Q3 2025 guidance at -0.180–0.140 EPS. As a group, equities research analysts predict that Enovix Corporation will post -1.01 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ENVX shares. TD Cowen raised Enovix to a “hold” rating and raised their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Craig Hallum reaffirmed a “buy” rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Canaccord Genuity Group raised their target price on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Benchmark raised their target price on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.