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

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 price target lifted by analysts at Canaccord Genuity Group from $20.00 to $22.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 103.67% from the stock's current price.

Several other research firms have also recently commented on ENVX. Craig Hallum restated a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. TD Securities dropped their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Cowen reissued a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. TD Cowen upgraded shares of Enovix to a "hold" rating and lifted their target price for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Finally, Benchmark upped their price objective on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $18.90.

Enovix Stock Down 1.8%

NASDAQ ENVX traded down $0.20 during mid-day trading on Monday, reaching $10.80. 1,504,050 shares of the company's stock traded hands, compared to its average volume of 6,511,656. The company has a fifty day simple moving average of $11.24 and a 200-day simple moving average of $9.39. Enovix has a 1-year low of $5.27 and a 1-year high of $16.49. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -12.90 and a beta of 2.11. The company has a current ratio of 4.37, a quick ratio of 4.11 and a debt-to-equity ratio of 0.82.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. The firm had revenue of $7.50 million for 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 business's revenue for the quarter was up 98.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.14) EPS. As a group, equities research analysts expect that Enovix will post -1.01 EPS for the current year.

Enovix declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC bought a new stake in shares of Enovix during the 4th quarter worth approximately $27,000. Stone House Investment Management LLC bought a new stake in Enovix during the 1st quarter worth approximately $37,000. Sava Infond d.o.o. raised its stake in shares of Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock valued at $44,000 after acquiring an additional 2,000 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after purchasing an additional 3,849 shares during the last quarter. Finally, HBK Sorce Advisory LLC acquired a new position in shares of Enovix during the 1st quarter valued at $74,000. Institutional investors own 50.92% of the company's stock.

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.