Enovix (NASDAQ:ENVX) Upgraded by Wall Street Zen to "Hold" Rating

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.

Wall Street Zen upgraded shares of Enovix (NASDAQ:ENVX - Free Report) from a sell rating to a hold rating in a research note issued to investors on Sunday.

Several other analysts also recently commented on ENVX. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. TD Cowen raised shares of Enovix to a "hold" rating and raised their price objective for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Craig Hallum reiterated a "buy" rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. B. Riley restated a "buy" rating and set a $17.00 price objective (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, TD Securities cut their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Enovix has an average rating of "Moderate Buy" and a consensus price target of $18.90.

Enovix Stock Down 4.9%

Shares of NASDAQ ENVX traded down $0.54 during mid-day trading on Friday, reaching $10.44. The company had a trading volume of 2,941,422 shares, compared to its average volume of 6,484,482. Enovix has a twelve month low of $5.27 and a twelve month 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 market capitalization of $2.05 billion, a PE ratio of -12.45 and a beta of 2.11. The stock's 50 day moving average is $11.47 and its 200-day moving average is $9.36.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The company had revenue of $7.50 million during the quarter, compared to analysts' expectations of $5.48 million. During the same period in the prior year, the company earned ($0.14) earnings per share. The business's quarterly revenue was up 98.2% compared to the same quarter last year. As a group, equities analysts anticipate that Enovix will post -1.01 earnings per share for the current fiscal year.

Enovix declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC bought a new stake in Enovix during the 4th quarter worth approximately $27,000. Stone House Investment Management LLC bought a new stake in Enovix during the 1st quarter worth approximately $37,000. Sava Infond d.o.o. raised its stake in Enovix by 50.0% during the 1st quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after acquiring an additional 2,000 shares during the period. Parallel Advisors LLC raised its stake in Enovix by 103.8% during the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after acquiring an additional 3,849 shares during the period. Finally, HBK Sorce Advisory LLC bought a new stake in Enovix during the 1st quarter worth approximately $74,000. 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.