Craig Hallum Reaffirms "Buy" Rating for Enovix (NASDAQ:ENVX)

Enovix (NASDAQ:ENVX - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Craig Hallum in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a $15.00 target price on the stock, up from their previous target price of $12.00. Craig Hallum's target price points to a potential upside of 15.15% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. TD Securities decreased their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Benchmark decreased their price target 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 decreased their price target on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, TD Cowen raised shares of Enovix to a "hold" rating and upped their price target for the company from $7.00 to $15.00 in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, Enovix has a consensus rating of "Moderate Buy" and a consensus price target of $17.09.

Enovix Price Performance

Shares of NASDAQ:ENVX traded down $0.00 during midday trading on Tuesday, reaching $13.03. 9,426,141 shares of the company were exchanged, compared to its average volume of 5,909,192. The stock has a market cap of $2.50 billion, a PE ratio of -10.10 and a beta of 2.09. The business's fifty day moving average is $8.28 and its two-hundred day moving average is $8.98. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. Enovix has a one year low of $5.27 and a one year high of $18.68.

Enovix announced that its Board of Directors has authorized a stock buyback plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. increased its stake in Enovix by 9.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 58,123 shares of the company's stock worth $601,000 after buying an additional 5,027 shares during the period. Hodges Capital Management Inc. increased its stake in Enovix by 52.2% in the 1st quarter. Hodges Capital Management Inc. now owns 87,500 shares of the company's stock worth $642,000 after buying an additional 30,000 shares during the period. Rhumbline Advisers increased its stake in Enovix by 7.1% in the 1st quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock worth $1,723,000 after buying an additional 15,615 shares during the period. Integrity Alliance LLC. purchased a new position in Enovix in the 1st quarter worth about $98,000. Finally, Bayforest Capital Ltd purchased a new position in Enovix in the 1st quarter worth about $385,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

About Enovix

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.