Enovix (NASDAQ:ENVX - Get Free Report) announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 2nd, RTT News reports. The company plans to buyback $60.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Enovix Price Performance
Shares of NASDAQ ENVX traded up $0.97 during mid-day trading on Wednesday, hitting $11.12. 14,593,965 shares of the company's stock traded hands, compared to its average volume of 5,825,930. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. Enovix has a 1 year low of $5.27 and a 1 year high of $18.68. The company's 50-day moving average is $7.88 and its two-hundred day moving average is $8.89. The company has a market capitalization of $2.14 billion, a P/E ratio of -8.62 and a beta of 2.09.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on ENVX. Benchmark decreased their target price on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. B. Riley reduced their target price on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. TD Securities reduced their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. reduced their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Enovix presently has an average rating of "Moderate Buy" and a consensus target price of $17.27.
Read Our Latest Stock Analysis on ENVX
About Enovix
(
Get Free Report)
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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