Enovix (NASDAQ:ENVX) Shares Up 15.5% - Here's What Happened

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday. B. Riley reissued a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday. TD Cowen raised shares of Enovix to a "hold" rating and raised their price objective for the stock from $7.00 to $15.00 in a report on Monday. Benchmark decreased their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Enovix Stock Performance

The stock has a market capitalization of $2.71 billion, a P/E ratio of -10.95 and a beta of 2.09. The company's 50-day moving average is $8.56 and its two-hundred day moving average is $9.04. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71.

Enovix announced that its board has approved a share repurchase program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Coppell Advisory Solutions LLC bought a new stake in shares of Enovix during the 4th quarter worth about $27,000. Sava Infond d.o.o. bought a new stake in shares of Enovix during the 4th quarter worth about $43,000. Stone House Investment Management LLC bought a new stake in shares of Enovix during the 1st quarter worth about $37,000. Hollencrest Capital Management raised its holdings in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Lee Danner & Bass Inc. acquired a new stake in Enovix during the fourth quarter valued at approximately $65,000. 50.92% of the stock is currently owned by 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.