Enovix (NASDAQ:ENVX) Stock Price Up 1.3% - Here's What Happened

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares 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 changed hands during trading, a decline of 62% from the average daily volume of 6,977,700 shares. The stock had previously closed at $14.69.

Analyst Ratings Changes

A number of analysts have recently issued reports on ENVX shares. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 target price (up from $9.00) on shares of Enovix in a research note on Thursday. Wall Street Zen raised shares of Enovix from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Benchmark lifted their price objective on Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a report on Friday. B. Riley restated a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, TD Securities decreased their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.73.

Enovix Trading Up 1.8%

The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -11.39 and a beta of 2.09. The company has a 50 day moving average of $10.43 and a 200 day moving average of $9.31. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68.

Enovix announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Vanguard Group Inc. boosted its holdings in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after acquiring an additional 2,063,631 shares during the period. Kingstone Capital Partners Texas LLC purchased a new position in shares of Enovix in the 2nd quarter valued at about $13,206,000. Fred Alger Management LLC boosted its stake in shares of 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 buying an additional 1,250,300 shares during the period. 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 buying an additional 1,054,029 shares during the period. Finally, CenterBook Partners LP boosted its stake in shares of Enovix by 71.0% in the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after buying an additional 721,309 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Company Profile

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.