Enovix (NASDAQ:ENVX) Hits New 52-Week High - Here's Why

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) hit a new 52-week high during mid-day 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.

Analyst Upgrades and Downgrades

ENVX has been the subject of a number of research analyst reports. Benchmark reduced their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Craig Hallum reaffirmed a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, TD Cowen raised Enovix to a "hold" rating and increased their price target for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Price Performance

The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of -12.05 and a beta of 2.09. The stock has a 50-day moving average price of $9.76 and a 200 day moving average price of $9.23.

Enovix announced that its board has approved a share buyback plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Enovix

Several institutional investors have recently bought and sold shares of ENVX. Vanguard Group Inc. lifted its stake in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in Enovix in the 2nd quarter valued at approximately $13,206,000. Fred Alger Management LLC increased its holdings in Enovix by 212.4% in the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the last quarter. Electron Capital Partners LLC increased its position 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 worth $49,272,000 after acquiring an additional 1,054,029 shares during the period. Finally, CenterBook Partners LP increased its position in shares of Enovix by 71.0% during the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after acquiring an additional 721,309 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.