Y Intercept Hong Kong Ltd Purchases New Shares in Enovix Corporation $ENVX

Y Intercept Hong Kong Ltd purchased a new stake in Enovix Corporation (NASDAQ:ENVX) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 349,351 shares of the company’s stock, valued at approximately $3,612,000. Y Intercept Hong Kong Ltd owned 0.18% of Enovix as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Electron Capital Partners LLC grew its stake in Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock valued at $49,272,000 after acquiring an additional 1,054,029 shares during the period. Driehaus Capital Management LLC grew its stake in Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after acquiring an additional 41,559 shares during the period. Fred Alger Management LLC grew its stake in Enovix by 21.5% in the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock valued at $16,393,000 after acquiring an additional 394,532 shares during the period. CenterBook Partners LP grew its stake in Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company’s stock valued at $12,746,000 after acquiring an additional 721,309 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new stake in Enovix in the 2nd quarter valued at $13,206,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Up 0.8%

Shares of ENVX stock opened at $11.77 on Thursday. The company’s 50-day moving average price is $10.70 and its 200-day moving average price is $9.99. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -14.01 and a beta of 2.07. Enovix Corporation has a twelve month low of $5.27 and a twelve month high of $16.49.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $7.47 million for 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 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of research analyst reports. Cowen reissued a “hold” rating on shares of Enovix in a research note on Tuesday, July 8th. B. Riley restated a “buy” rating and issued a $17.00 price objective (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Benchmark raised their price objective on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday, July 25th. Canaccord Genuity Group raised their price objective on Enovix from $20.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 4th. Finally, Wall Street Zen lowered Enovix from a “hold” rating to a “sell” rating in a report on Saturday, September 6th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Enovix presently has a consensus rating of “Hold” and an average target price of $17.00.

Insider Buying and Selling at Enovix

In other news, COO Ajay Marathe sold 120,000 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $12.01, for a total transaction of $1,441,200.00. Following the transaction, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. The trade was a 10.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.10% of the company’s stock.

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.