Enovix (NASDAQ:ENVX) Trading Up 5.7% - Here's What Happened

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price rose 5.7% during trading on Tuesday . The stock traded as high as $16.23 and last traded at $15.49. Approximately 7,352,856 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 5,967,617 shares. The stock had previously closed at $14.65.

Analysts Set New Price Targets

Several research firms have recently commented on ENVX. TD Securities lowered their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Benchmark decreased their price target on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. B. Riley restated a "buy" rating and issued a $17.00 target price (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Trading Up 5.5%

The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -12.35 and a beta of 2.09. The business has a 50-day moving average of $9.39 and a two-hundred day moving average of $9.18. 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 repurchase program on Wednesday, July 2nd that permits the company to buyback $60.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Enovix by 9.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company's stock valued at $14,656,000 after purchasing an additional 119,288 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Enovix by 6.8% during the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after purchasing an additional 1,257 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Enovix during the fourth quarter valued at approximately $3,484,000. Avantax Advisory Services Inc. boosted its holdings in Enovix by 82.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 60,162 shares of the company's stock valued at $654,000 after purchasing an additional 27,274 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Enovix by 4.7% during the fourth quarter. Swiss National Bank now owns 294,700 shares of the company's stock valued at $3,203,000 after purchasing an additional 13,100 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.