JPMorgan Chase & Co. restated their neutral rating on shares of Enovix (NASDAQ:ENVX - Free Report) in a research report report published on Thursday morning, Marketbeat.com reports. The firm currently has a $12.00 target price on the stock, up from their previous target price of $9.00.
Other equities analysts have also issued reports about the stock. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. B. Riley reissued a "buy" rating and set a $17.00 target price (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Benchmark cut their price target on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, TD Cowen upgraded Enovix to a "hold" rating and increased their price target for the stock 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.73.
View Our Latest Report on Enovix
Enovix Stock Performance
ENVX stock traded up $0.26 during trading on Thursday, hitting $14.69. 7,508,596 shares of the company traded hands, compared to its average volume of 10,530,767. Enovix has a 1 year low of $5.27 and a 1 year high of $16.49. The company has a market cap of $2.82 billion, a PE ratio of -11.39 and a beta of 2.09. The stock's 50-day simple moving average is $10.43 and its 200 day simple moving average is $9.29. 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 announced that its board has approved a share buyback plan on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.
Institutional Investors Weigh In On Enovix
A number of large investors have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC acquired a new position in Enovix during the fourth quarter worth $27,000. Stone House Investment Management LLC purchased a new position in shares of Enovix during the 1st quarter worth $37,000. Sava Infond d.o.o. acquired a new position in shares of Enovix during the 4th quarter valued at about $43,000. Parallel Advisors LLC grew its holdings in shares of Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares during the period. Finally, HBK Sorce Advisory LLC acquired a new stake in Enovix during the first quarter worth about $74,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.
About Enovix
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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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