Enovix Corporation (NASDAQ:ENVX - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $16.04 and last traded at $15.93, with a volume of 12784931 shares traded. The stock had previously closed at $15.10.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on ENVX. Craig Hallum reissued a "buy" rating and issued a $15.00 price target (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. TD Cowen upgraded Enovix to a "hold" rating and increased their price objective for the stock from $7.00 to $15.00 in a report on Monday, July 7th. B. Riley restated a "buy" rating and issued a $17.00 price objective (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. TD Securities dropped their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Finally, Cowen restated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.55.
Get Our Latest Stock Report on ENVX
Enovix Price Performance
The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The firm has a 50-day moving average price of $9.76 and a 200-day moving average price of $9.21.
Enovix declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 2nd that permits the company to buyback $60.00 million in shares. This buyback authorization permits the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Institutional Investors Weigh In On Enovix
Several large investors have recently added to or reduced their stakes in the stock. tru Independence LLC grew its stake in shares of Enovix by 0.4% during the second quarter. tru Independence LLC now owns 295,690 shares of the company's stock valued at $3,057,000 after buying an additional 1,155 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Enovix by 6.8% in the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after purchasing an additional 1,257 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Enovix by 6.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 21,413 shares of the company's stock valued at $233,000 after purchasing an additional 1,336 shares during the period. Xponance Inc. lifted its holdings in Enovix by 17.3% during the fourth quarter. Xponance Inc. now owns 11,810 shares of the company's stock worth $128,000 after buying an additional 1,738 shares during the period. Finally, DDD Partners LLC lifted its holdings in Enovix by 5.9% during the first quarter. DDD Partners LLC now owns 31,461 shares of the company's stock worth $231,000 after buying an additional 1,764 shares during the period. 50.92% of the stock is owned by institutional investors.
About Enovix
(
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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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