Brokerages Set Enovix Corporation (NASDAQ:ENVX) Price Target at $17.55

Enovix Corporation (NASDAQ:ENVX - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $17.55.

Several equities analysts have recently issued reports on ENVX shares. Craig Hallum reissued a "buy" rating and set a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. JPMorgan Chase & Co. cut their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Cowen reiterated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. TD Cowen upgraded Enovix to a "hold" rating and upped their target price for the company from $7.00 to $15.00 in a report on Monday, July 7th. Finally, Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC grew its holdings in shares of Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock worth $49,272,000 after purchasing an additional 1,054,029 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after purchasing an additional 235,142 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Enovix by 1.8% during the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock worth $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock worth $16,393,000 after buying an additional 394,532 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Stock Up 0.4%

Shares of NASDAQ:ENVX traded up $0.06 during midday trading on Friday, reaching $14.75. The company had a trading volume of 3,691,066 shares, compared to its average volume of 6,982,100. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The stock's fifty day moving average price is $9.76 and its 200-day moving average price is $9.21. The stock has a market capitalization of $2.83 billion, a P/E ratio of -11.40 and a beta of 2.09. Enovix has a one year low of $4.61 and a one year high of $16.49.

Enovix declared that its Board of Directors has initiated a share buyback program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are 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.