Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were up 1.3% during mid-day trading on Wednesday . The company traded as high as $15.02 and last traded at $14.88. Approximately 2,650,931 shares were traded during trading, a decline of 62% from the average daily volume of 6,977,700 shares. The stock had previously closed at $14.69.
Analysts Set New Price Targets
A number of research analysts have issued reports on ENVX shares. B. Riley reiterated a "buy" rating and set a $17.00 price target (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Benchmark cut their price objective on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Cowen reaffirmed a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Finally, TD Securities dropped their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.82.
View Our Latest Report on Enovix
Enovix Stock Down 2.0%
The stock has a market capitalization of $2.74 billion, a P/E ratio of -11.10 and a beta of 2.09. The firm has a 50 day simple moving average of $10.17 and a two-hundred day simple moving average of $9.30. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71.
Enovix announced that its board has authorized a share buyback plan on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.
Institutional Trading of Enovix
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Coppell Advisory Solutions LLC acquired a new stake in Enovix during the 4th quarter worth about $27,000. Stone House Investment Management LLC acquired a new stake in shares of Enovix in the 1st quarter valued at about $37,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the 4th quarter valued at about $43,000. Parallel Advisors LLC grew its stake in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after buying an additional 3,849 shares during the period. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Enovix in the 1st quarter valued at about $74,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.
Enovix Company Profile
(
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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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