Enovix (NASDAQ:ENVX) Trading 15.5% Higher - What's Next?

Enovix Corporation (NASDAQ:ENVX - Get Free Report) was up 15.5% during mid-day trading on Monday . The company traded as high as $13.28 and last traded at $13.15. Approximately 10,422,638 shares were traded during mid-day trading, an increase of 78% from the average daily volume of 5,846,324 shares. The stock had previously closed at $11.39.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ENVX shares. TD Securities cut 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. JPMorgan Chase & Co. cut 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. Benchmark cut 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. Craig Hallum reaffirmed a "buy" rating and set a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Tuesday. Finally, Cowen reaffirmed a "hold" rating 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $17.09.

Enovix Stock Performance

The firm's 50 day moving average price is $8.28 and its 200-day moving average price is $8.98. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -10.47 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 initiated a stock repurchase program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Enovix

Hedge funds and other institutional investors have recently modified their holdings of the stock. Coppell Advisory Solutions LLC acquired a new stake in shares of Enovix in the fourth quarter worth $27,000. Stone House Investment Management LLC acquired a new stake in Enovix during the first quarter worth $37,000. Sava Infond d.o.o. acquired a new stake 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 in the last quarter. 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 in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

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.