Enovix Corporation $ENVX Stake Raised by Beirne Wealth Consulting Services LLC

Beirne Wealth Consulting Services LLC boosted its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 17.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,000 shares of the company’s stock after acquiring an additional 10,000 shares during the quarter. Beirne Wealth Consulting Services LLC’s holdings in Enovix were worth $693,000 at the end of the most recent quarter.

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

Insider Transactions at Enovix

In related news, COO Ajay Marathe sold 120,000 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total value of $1,441,200.00. Following the transaction, the chief operating officer directly owned 1,027,259 shares in the company, valued at approximately $12,337,380.59. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 14.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENVX. Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a report on Wednesday, October 8th. Craig Hallum reaffirmed a “buy” rating and issued a $15.00 target price (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Cowen reissued a “hold” rating on shares of Enovix in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group raised their price objective on shares of Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Enovix currently has an average rating of “Hold” and a consensus price target of $17.00.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $11.68 on Wednesday. The business’s 50-day simple moving average is $10.67 and its 200-day simple moving average is $9.95. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $16.49. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -13.90 and a beta of 2.07.

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

Enovix declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Enovix Company 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.