Enovix (NASDAQ:ENVX) Shares Gap Up - What's Next?

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.15, but opened at $10.61. Enovix shares last traded at $11.41, with a volume of 4,299,521 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. B. Riley reduced their price objective on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Benchmark reduced their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, TD Securities reduced their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.27.

Enovix Price Performance

The firm's 50-day moving average is $8.07 and its two-hundred day moving average is $8.92. The company has a market cap of $2.18 billion, a P/E ratio of -8.82 and a beta of 2.09. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Coppell Advisory Solutions LLC purchased a new position in Enovix during the fourth quarter worth $27,000. Stone House Investment Management LLC purchased a new position in Enovix during the first quarter worth $37,000. Sava Infond d.o.o. purchased a new position in Enovix during the fourth quarter worth $43,000. Parallel Advisors LLC boosted its stake in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after buying an additional 3,849 shares during the period. Finally, Hollencrest Capital Management boosted its stake in Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after buying an additional 2,000 shares during the period. 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.