Enovix (NASDAQ:ENVX) Sees Unusually-High Trading Volume - Should You Buy?

Enovix Corporation (NASDAQ:ENVX - Get Free Report) saw an uptick in trading volume on Monday . 8,665,221 shares traded hands during trading, an increase of 48% from the previous session's volume of 5,838,631 shares.The stock last traded at $12.95 and had previously closed at $11.39.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ENVX shares. TD Cowen upgraded Enovix to a "hold" rating and raised their price target for the company from $7.00 to $15.00 in a report on Monday. TD Securities dropped their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. reduced 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. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Enovix presently has an average rating of "Moderate Buy" and a consensus target price of $17.09.

Enovix Stock Up 3.1%

The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $2.58 billion, a PE ratio of -10.42 and a beta of 2.09. The company's 50 day moving average is $8.42 and its two-hundred day moving average is $9.01.

Enovix announced that its board has approved a share repurchase program on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Institutional Trading of Enovix

Several hedge funds have recently modified their holdings of the company. Coppell Advisory Solutions LLC bought a new position in Enovix in the 4th quarter valued at $27,000. Stone House Investment Management LLC bought a new stake in shares of Enovix during the first quarter valued at approximately $37,000. Sava Infond d.o.o. bought a new position in Enovix in the fourth quarter worth approximately $43,000. Parallel Advisors LLC increased its holdings 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 purchasing an additional 3,849 shares during the period. Finally, Hollencrest Capital Management grew its position in shares of Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after buying an additional 2,000 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.