Free Trial

Enovix (NASDAQ:ENVX) Shares Gap Down - Time to Sell?

Enovix logo with Energy background

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $15.10, but opened at $14.43. Enovix shares last traded at $14.55, with a volume of 4,393,055 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. TD Cowen upgraded shares of Enovix to a "hold" rating and boosted their target price for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Wall Street Zen upgraded shares of Enovix from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. TD Securities reduced their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Finally, Craig Hallum reaffirmed a "buy" rating and issued a $15.00 price objective (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Enovix presently has a consensus rating of "Moderate Buy" and an average target price of $17.55.

Read Our Latest Stock Analysis on Enovix

Enovix Trading Down 2.4%

The firm's 50-day simple moving average is $9.76 and its 200 day simple moving average is $9.23. 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 firm has a market cap of $2.98 billion, a P/E ratio of -12.05 and a beta of 2.09.

Enovix declared that its Board of Directors has approved a stock repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Several hedge funds have recently bought and sold shares of ENVX. Vanguard Group Inc. grew 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 buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC boosted its stake in shares of Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after purchasing an additional 1,054,029 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after purchasing an additional 235,142 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Finally, Fred Alger Management LLC boosted its stake in shares of Enovix by 21.5% in the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after purchasing an additional 394,532 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company's stock.

Enovix Company Profile

(Get Free Report)

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.

Featured Stories

Should You Invest $1,000 in Enovix Right Now?

Before you consider Enovix, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Enovix wasn't on the list.

While Enovix currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Metaverse Stocks And Why You Can't Ignore Them Cover

Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Growth Stocks That Could Pop Before Summer Ends
3 Buy-the-Dip Stocks Poised to Rebound Soon
Quantum Boom: 3 Strong Picks with Lower Risk

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines