Enovix (NASDAQ:ENVX) Upgraded by TD Cowen to Hold Rating

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

A number of other research firms also recently commented on ENVX. TD Securities reduced their price objective 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. JPMorgan Chase & Co. lowered their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Benchmark lowered their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, B. Riley lowered their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Four 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.com, the company has a consensus rating of "Moderate Buy" and an average target price of $17.55.

Enovix Stock Up 1.1%

ENVX stock traded up $0.15 during midday trading on Monday, hitting $14.27. 3,044,547 shares of the company's stock were exchanged, compared to its average volume of 5,947,892. 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 12-month low of $5.27 and a 12-month high of $18.68. The firm has a 50 day moving average price of $8.72 and a 200-day moving average price of $9.07. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of -11.09 and a beta of 2.09.

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

Hedge Funds Weigh In On Enovix

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after acquiring an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC raised its holdings in shares of Enovix by 18.6% during the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after buying an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after buying an additional 235,142 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after buying an additional 41,559 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Enovix by 21.5% during the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after buying an additional 394,532 shares during the last quarter. 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.