Analysts Set Enovix Corporation (NASDAQ:ENVX) Price Target at $18.90

Key Points

• Analysts have issued a consensus recommendation of "Moderate Buy" for Enovix Corporation (NASDAQ:ENVX), with a 1-year price objective averaging $18.90.
• The company reported a revenue increase of 98.2% year-over-year, reaching $7.50 million, while exceeding analysts' earnings expectations.
• Enovix has implemented a stock buyback program allowing up to $60 million in repurchases, suggestive of management's belief that the stock is undervalued.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eleven analysts that are presently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $18.90.

Several equities analysts recently commented on the company. Benchmark boosted their price target on Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Craig Hallum reissued a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. B. Riley reissued a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Finally, Canaccord Genuity Group upped their target price on Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 4th.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Enovix during the 2nd quarter worth approximately $13,206,000. Fred Alger Management LLC grew its holdings in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after purchasing an additional 1,250,300 shares in 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. CenterBook Partners LP grew its holdings in shares of Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after purchasing an additional 721,309 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Enovix by 65.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Trading Up 1.5%

NASDAQ:ENVX traded up $0.16 during trading hours on Thursday, reaching $10.37. 3,108,651 shares of the company were exchanged, compared to its average volume of 6,487,377. The company has a debt-to-equity ratio of 0.82, a current ratio of 4.37 and a quick ratio of 4.11. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -12.35 and a beta of 2.11. Enovix has a 52-week low of $5.27 and a 52-week high of $16.49. The stock has a 50 day simple moving average of $11.56 and a 200 day simple moving average of $9.31.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $7.50 million for the quarter, compared to analyst estimates of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The company's revenue was up 98.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.14) EPS. As a group, analysts predict that Enovix will post -1.01 EPS for the current year.

Enovix declared that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is 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.