Enovix (NASDAQ:ENVX) Stock Price Down 1.5% - What's Next?

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares were down 1.5% during trading on Thursday . The stock traded as low as $13.55 and last traded at $14.87. Approximately 5,236,218 shares traded hands during trading, a decline of 24% from the average daily volume of 6,894,682 shares. The stock had previously closed at $15.10.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ENVX. Craig Hallum reaffirmed a "buy" rating and set a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. B. Riley restated a "buy" rating and set a $17.00 price target (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. TD Cowen raised Enovix to a "hold" rating and boosted their price target for the company from $7.00 to $15.00 in a research note on Monday, July 7th. TD Securities reduced their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Finally, Cowen restated a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Enovix has a consensus rating of "Moderate Buy" and an average price target of $17.55.

Enovix Stock Performance

The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The business's fifty day moving average is $9.39 and its two-hundred day moving average is $9.18. The stock has a market capitalization of $3.06 billion, a PE ratio of -12.35 and a beta of 2.09.

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

Institutional Investors Weigh In On Enovix

Several large investors have recently bought and sold shares of ENVX. Vanguard Group Inc. raised its position in Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in Enovix in the 2nd quarter valued at $13,206,000. Fred Alger Management LLC increased its holdings in shares of Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after purchasing an additional 1,250,300 shares during the period. Electron Capital Partners LLC boosted its holdings in 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 purchasing an additional 1,054,029 shares in the last quarter. Finally, CenterBook Partners LP lifted its holdings in Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock valued at $12,746,000 after acquiring 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.

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