Calamos Wealth Management LLC Purchases New Position in Enovix Corporation $ENVX

Calamos Wealth Management LLC acquired a new position in shares of Enovix Corporation (NASDAQ:ENVX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 10,100 shares of the company’s stock, valued at approximately $104,000.

Several other hedge funds have also made changes to their positions in ENVX. Stone House Investment Management LLC bought a new position in shares of Enovix during the 1st quarter worth $37,000. Sava Infond d.o.o. lifted its stake in Enovix by 50.0% in the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company’s stock worth $44,000 after acquiring an additional 2,000 shares during the period. HBK Sorce Advisory LLC bought a new position in Enovix during the 1st quarter worth about $74,000. Smith Salley Wealth Management bought a new position in Enovix during the 1st quarter worth about $75,000. Finally, AMG National Trust Bank purchased a new position in Enovix during the 1st quarter valued at about $75,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Down 2.6%

Shares of NASDAQ:ENVX opened at $11.21 on Monday. The business’s 50-day moving average is $10.47 and its 200 day moving average is $9.66. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. Enovix Corporation has a 1 year low of $5.27 and a 1 year high of $16.49. The firm has a market capitalization of $2.20 billion, a P/E ratio of -13.35 and a beta of 2.07.

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

Enovix announced that its Board of Directors has approved a share buyback 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ENVX. TD Cowen raised shares of Enovix to a “hold” rating and upped their price target for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. B. Riley restated a “buy” rating and set a $17.00 target price (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Wall Street Zen downgraded 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 report on Tuesday, July 8th. Finally, Benchmark raised their price objective on Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.00.

Insider Activity

In other Enovix 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 completion of the transaction, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at approximately $12,337,380.59. This trade represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.