Enovix (NASDAQ:ENVX) Stock Price Down 1.5% - Here's What Happened

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

Analysts Set New Price Targets

ENVX has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price target on Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Craig Hallum restated 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. Wall Street Zen raised shares of Enovix from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. TD Securities cut their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark reduced their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.55.

Enovix Trading Down 2.4%

The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of -12.05 and a beta of 2.09. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average of $9.76 and a two-hundred day moving average of $9.23.

Enovix announced that its board has authorized a stock repurchase plan on Wednesday, July 2nd that allows the company to repurchase $60.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Coppell Advisory Solutions LLC acquired a new stake in Enovix in the 4th quarter valued at $27,000. Sava Infond d.o.o. bought a new position in shares of Enovix during the fourth quarter valued at $43,000. Stone House Investment Management LLC bought a new position in shares of Enovix during the first quarter valued at $37,000. Lee Danner & Bass Inc. acquired a new stake in shares of Enovix in the 4th quarter valued at $65,000. Finally, Parallel Advisors LLC grew its holdings in shares of Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after purchasing an additional 3,849 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

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.