Enovix (NASDAQ:ENVX) Stock Rating Upgraded by TD Cowen

TD Cowen upgraded shares of Enovix (NASDAQ:ENVX - Free Report) to a hold rating in a report published on Monday morning, MarketBeat Ratings reports. They currently have $15.00 price objective on the stock, up from their previous price objective of $7.00.

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

Enovix Price Performance

ENVX stock traded up $0.28 during midday trading on Monday, reaching $13.72. The company had a trading volume of 10,774,866 shares, compared to its average volume of 5,946,070. 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 has a market capitalization of $2.63 billion, a P/E ratio of -10.64 and a beta of 2.09. The firm has a 50-day moving average price of $8.56 and a 200-day moving average price of $9.04.

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

Institutional Trading of Enovix

Large investors have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Enovix by 9.5% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 58,123 shares of the company's stock valued at $601,000 after buying an additional 5,027 shares during the period. Hodges Capital Management Inc. grew its stake in shares of Enovix by 52.2% in the 1st quarter. Hodges Capital Management Inc. now owns 87,500 shares of the company's stock valued at $642,000 after buying an additional 30,000 shares during the period. Rhumbline Advisers grew its stake in shares of Enovix by 7.1% in the 1st quarter. Rhumbline Advisers now owns 234,685 shares of the company's stock valued at $1,723,000 after buying an additional 15,615 shares during the period. Integrity Alliance LLC. purchased a new stake in shares of Enovix in the 1st quarter valued at approximately $98,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of Enovix in the 1st quarter valued at approximately $385,000. Hedge funds and other institutional investors 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.