Enovix (NASDAQ:ENVX) Upgraded to "Hold" at TD Cowen

TD Cowen upgraded shares of Enovix (NASDAQ:ENVX - Free Report) to a hold rating in a research note released on Monday morning, Marketbeat.com reports. TD Cowen currently has $15.00 price objective on the stock, up from their previous price objective of $7.00.

Several other equities analysts also recently weighed in on ENVX. 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. TD Securities reduced 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. B. Riley cut their target price 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. Finally, Benchmark lowered their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $17.55.

Enovix Stock Performance

Shares of NASDAQ:ENVX traded up $0.40 during midday trading on Monday, reaching $14.12. The company's stock had a trading volume of 7,783,969 shares, compared to its average volume of 5,956,261. The firm has a market capitalization of $2.71 billion, a PE ratio of -10.94 and a beta of 2.09. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The stock has a fifty day moving average of $8.56 and a 200 day moving average of $9.04. Enovix has a twelve month low of $5.27 and a twelve month high of $18.68.

Enovix declared that its board has approved a share repurchase program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC bought a new stake in Enovix in the fourth quarter worth about $27,000. Stone House Investment Management LLC bought a new stake in shares of Enovix in the 1st quarter valued at approximately $37,000. Sava Infond d.o.o. bought a new stake in shares of Enovix in the 4th quarter valued at approximately $43,000. Parallel Advisors LLC grew its stake in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after buying an additional 3,849 shares in the last quarter. Finally, Hollencrest Capital Management boosted its position in Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares during the period. 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.