Enovix (NASDAQ:ENVX) Stock Price Expected to Rise, Benchmark Analyst Says

Key Points

• Benchmark analyst increased Enovix's price target from $15.00 to $25.00, suggesting a potential upside of 73.25% from its current price while maintaining a "buy" rating.
• The company has initiated a $60 million share buyback program, indicating that management believes the stock is undervalued.
• Enovix has received a consensus rating of "Moderate Buy" with an average price target of $18.73 from several analysts, reflecting positive market sentiment.

Enovix (NASDAQ:ENVX - Get Free Report) had its target price increased by equities researchers at Benchmark from $15.00 to $25.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's target price points to a potential upside of 64.74% from the company's previous close.

A number of other research firms have also recently weighed in on ENVX. TD Securities lowered their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. B. Riley reaffirmed a "buy" rating and set a $17.00 target price (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Craig Hallum reaffirmed a "buy" rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Finally, TD Cowen raised shares of Enovix to a "hold" rating and boosted their price target for the stock from $7.00 to $15.00 in a report on Monday, July 7th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.73.

Enovix Price Performance

ENVX stock traded up $0.49 during trading on Friday, hitting $15.18. 4,956,364 shares of the company's stock traded hands, compared to its average volume of 6,367,271. The business has a fifty day simple moving average of $10.43 and a 200 day simple moving average of $9.27. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -11.73 and a beta of 2.09. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. Enovix has a 52 week low of $5.27 and a 52 week high of $16.49.

Enovix announced that its Board of Directors has approved a share 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 typically a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after buying an additional 2,063,631 shares in the last quarter. Electron Capital Partners LLC lifted its position in shares of Enovix by 18.6% during the first quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock worth $49,272,000 after purchasing an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC boosted its stake in Enovix by 6.6% in the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares during the period. Driehaus Capital Management LLC increased its position in Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after acquiring an additional 41,559 shares during the period. Finally, Fred Alger Management LLC increased its position in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after purchasing an additional 394,532 shares during the period. 50.92% of the stock is currently 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.