Enovix (NASDAQ:ENVX) Price Target Raised to $22.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has increased Enovix's price target from $20.00 to $22.00, indicating a potential upside of 101.01% from the company's previous close, while maintaining a "buy" rating on the stock.
• Enovix's recent earnings report showed a 98.2% year-over-year increase in revenue, with earnings per share of ($0.13), slightly beating analyst estimates of ($0.15).
• The company has initiated a stock buyback program authorizing up to $60 million in shares, signaling management's belief that the stock is undervalued.

Enovix (NASDAQ:ENVX - Get Free Report) had its target price raised by investment analysts at Canaccord Genuity Group from $20.00 to $22.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 91.49% from the stock's current price.

ENVX has been the subject of a number of other research reports. Craig Hallum reiterated a "buy" rating and set a $15.00 price target (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price target (up previously from $9.00) on shares of Enovix in a report on Thursday, July 24th. Wall Street Zen downgraded shares of Enovix from a "hold" rating to a "sell" rating in a report on Saturday. TD Securities dropped their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Finally, Cowen reiterated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Enovix currently has a consensus rating of "Hold" and a consensus target price of $18.90.

Enovix Stock Performance

Shares of Enovix stock traded up $0.22 during trading on Monday, hitting $11.49. 2,638,139 shares of the company's stock were exchanged, compared to its average volume of 6,527,874. 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 business has a 50-day simple moving average of $11.12 and a 200-day simple moving average of $9.37. Enovix has a 52-week low of $5.27 and a 52-week high of $16.49. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -13.70 and a beta of 2.11.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.02. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The company had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. During the same period in the previous year, the business posted ($0.14) EPS. Enovix's revenue was up 98.2% on a year-over-year basis. On average, research analysts forecast that Enovix will post -1.01 EPS for the current year.

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

Institutional Trading of Enovix

A number of institutional investors and hedge funds have recently modified their holdings of the company. Axim Planning & Wealth raised its stake in shares of Enovix by 29.4% in the second quarter. Axim Planning & Wealth now owns 24,552 shares of the company's stock valued at $254,000 after purchasing an additional 5,571 shares in the last quarter. Claro Advisors LLC bought a new position in Enovix in the second quarter valued at about $649,000. Corton Capital Inc. boosted its holdings in Enovix by 46.9% in the second quarter. Corton Capital Inc. now owns 19,382 shares of the company's stock valued at $200,000 after acquiring an additional 6,186 shares during the last quarter. Intellectus Partners LLC boosted its holdings in Enovix by 1.2% during the second quarter. Intellectus Partners LLC now owns 103,522 shares of the company's stock worth $1,070,000 after buying an additional 1,200 shares during the last quarter. Finally, Haven Private LLC lifted its holdings in shares of Enovix by 16.4% during the 2nd quarter. Haven Private LLC now owns 55,175 shares of the company's stock valued at $571,000 after purchasing an additional 7,792 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.