JPMorgan Chase & Co. Reiterates Neutral Rating for Enovix (NASDAQ:ENVX)

JPMorgan Chase & Co. reaffirmed their neutral rating on shares of Enovix (NASDAQ:ENVX - Free Report) in a report released on Thursday, MarketBeat reports. They currently have a $12.00 price target on the stock, up from their prior price target of $9.00.

A number of other equities analysts have also issued reports on the company. TD Securities reduced their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Benchmark dropped their target price on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Cowen reiterated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. B. Riley reissued a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Finally, TD Cowen raised Enovix to a "hold" rating and boosted their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Enovix Trading Up 2.5%

Shares of NASDAQ ENVX traded up $0.37 during trading hours on Thursday, reaching $15.06. The stock had a trading volume of 8,241,092 shares, compared to its average volume of 6,392,471. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -11.67 and a beta of 2.09. The business's fifty day moving average price is $10.43 and its two-hundred day moving average price is $9.27. Enovix has a 52-week low of $5.27 and a 52-week high of $16.49.

Enovix declared that its Board of Directors has authorized a share 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 buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in ENVX. tru Independence LLC raised its stake in shares of Enovix by 0.4% in the 2nd quarter. tru Independence LLC now owns 295,690 shares of the company's stock valued at $3,057,000 after purchasing an additional 1,155 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Enovix by 6.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock worth $233,000 after purchasing an additional 1,336 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in Enovix by 8.2% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 22,640 shares of the company's stock worth $234,000 after purchasing an additional 1,714 shares during the last quarter. Xponance Inc. grew its position in Enovix by 17.3% in the 4th quarter. Xponance Inc. now owns 11,810 shares of the company's stock worth $128,000 after purchasing an additional 1,738 shares during the last quarter. Finally, DDD Partners LLC grew its position in Enovix by 5.9% in the 1st quarter. DDD Partners LLC now owns 31,461 shares of the company's stock worth $231,000 after purchasing an additional 1,764 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

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.