Enovix (NASDAQ:ENVX) Rating Increased to Hold at Wall Street Zen

Key Points

• Enovix has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a more favorable outlook for the stock.
• After recent upgrades, Enovix has a consensus target price of $18.90 with six analysts rating it as a hold and six as a buy.
• Enovix's stock repurchase program allows for the buyback of up to $60 million in shares, signaling confidence from the company's leadership in its stock valuation.

Enovix (NASDAQ:ENVX - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Sunday.

Other research analysts also recently issued research reports about the company. TD Cowen raised Enovix to a "hold" rating and increased their target price for the stock from $7.00 to $15.00 in a report on Monday, July 7th. B. Riley reissued a "buy" rating and issued a $17.00 price target (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Craig Hallum reissued a "buy" rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, TD Securities cut their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.90.

Enovix Trading Down 2.0%

Shares of ENVX opened at $10.78 on Friday. The company has a market capitalization of $2.12 billion, a P/E ratio of -12.83 and a beta of 2.11. Enovix has a one year low of $5.27 and a one year high of $16.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37. The stock has a 50-day moving average price of $11.30 and a 200 day moving average price of $9.37.

Enovix (NASDAQ:ENVX - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. The company had revenue of $7.50 million for the quarter, compared to the consensus estimate of $5.48 million. During the same quarter last year, the business posted ($0.14) EPS. Enovix's quarterly revenue was up 98.2% compared to the same quarter last year. Sell-side analysts forecast that Enovix will post -1.01 EPS for the current fiscal year.

Enovix announced that its Board of Directors has approved a stock buyback program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently modified their holdings of ENVX. Franklin Resources Inc. boosted its position in shares of Enovix by 25.3% in the fourth quarter. Franklin Resources Inc. now owns 99,721 shares of the company's stock worth $1,084,000 after buying an additional 20,162 shares during the period. Geode Capital Management LLC boosted its position in shares of Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after buying an additional 235,142 shares during the period. Wells Fargo & Company MN boosted its position in shares of Enovix by 4.6% in the fourth quarter. Wells Fargo & Company MN now owns 922,783 shares of the company's stock worth $10,031,000 after buying an additional 40,420 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Enovix by 80.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 115,844 shares of the company's stock worth $1,259,000 after buying an additional 51,690 shares during the period. Finally, Advisory Services Network LLC boosted its position in Enovix by 2.4% during the fourth quarter. Advisory Services Network LLC now owns 92,270 shares of the company's stock valued at $1,003,000 after purchasing an additional 2,198 shares during the last quarter. Institutional investors and hedge funds 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.

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