Enovix Corporation (NASDAQ:ENVX) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Enovix Corporation has received an average analysts' recommendation of "Moderate Buy", with five analysts rating it a buy and five a hold, while the average target price stands at $17.00.
• The company recently experienced a 4.9% increase in stock price, with shares opening at $11.65 and a 50-day moving average of $10.48.
• Enovix has announced a stock repurchase program allowing the company to buy back $60 million in shares, indicating that management believes the stock is currently undervalued.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) has been given an average recommendation of "Moderate Buy" by the ten analysts that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $17.00.

Several research analysts have weighed in on ENVX shares. Wall Street Zen lowered shares of Enovix from a "hold" rating to a "sell" rating in a research report on Saturday, September 6th. TD Cowen raised Enovix to a "hold" rating and boosted their price target for the stock from $7.00 to $15.00 in a research note on Monday, July 7th. Craig Hallum restated a "buy" rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $12.00 price objective (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Finally, Benchmark boosted their target price on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 25th.

Enovix Stock Up 4.9%

Enovix stock opened at $11.65 on Friday. The stock's 50 day moving average price is $10.48 and its 200 day moving average price is $9.29. Enovix has a 1-year low of $5.27 and a 1-year high of $16.49. The company has a market cap of $2.29 billion, a PE ratio of -13.87 and a beta of 2.08. 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 (NASDAQ:ENVX - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping 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 firm earned ($0.14) EPS. The business's revenue was up 98.2% on a year-over-year basis. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, sell-side analysts predict that Enovix will post -1.01 EPS for the current fiscal year.

Enovix announced that its board has approved a stock repurchase program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Hedge funds have recently added to or reduced their stakes in the business. Reynders McVeigh Capital Management LLC lifted its holdings in shares of Enovix by 11.1% in the second quarter. Reynders McVeigh Capital Management LLC now owns 260,330 shares of the company's stock valued at $2,692,000 after purchasing an additional 26,090 shares in the last quarter. Promus Capital LLC raised its position in shares of Enovix by 3,500.0% during the 2nd quarter. Promus Capital LLC now owns 18,000 shares of the company's stock worth $186,000 after purchasing an additional 17,500 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Enovix during the 2nd quarter worth approximately $290,000. Headlands Technologies LLC purchased a new stake in Enovix in the 2nd quarter valued at approximately $132,000. Finally, Tower Research Capital LLC TRC grew its holdings in Enovix by 121.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 33,431 shares of the company's stock valued at $346,000 after buying an additional 18,322 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.

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