Benchmark Raises Enovix (NASDAQ:ENVX) Price Target to $25.00

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 boosted by investment analysts at Benchmark from $15.00 to $25.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price suggests a potential upside of 70.18% from the company's current price.

ENVX has been the subject of a number of other reports. TD Cowen raised Enovix to a "hold" rating and increased their price target for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price target (up from $9.00) on shares of Enovix in a report on Thursday. Finally, Craig Hallum reiterated a "buy" rating and issued a $15.00 price target (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Enovix Price Performance

Enovix stock traded up $0.26 during midday trading on Friday, reaching $14.69. 7,508,596 shares of the stock traded hands, compared to its average volume of 10,530,767. The stock's fifty day moving average is $10.43 and its 200-day moving average is $9.31. Enovix has a 12 month low of $5.27 and a 12 month high of $16.49. The stock has a market cap of $2.82 billion, a P/E ratio of -11.39 and a beta of 2.09. 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 of Directors has initiated a stock repurchase plan on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Institutional Trading of Enovix

A number of institutional investors have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC acquired a new stake in shares of Enovix in the 4th quarter worth $27,000. Stone House Investment Management LLC acquired a new stake in shares of Enovix in the 1st quarter worth $37,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the 4th quarter worth $43,000. Parallel Advisors LLC boosted its position 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 in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new stake in shares of Enovix in the 1st quarter worth $74,000. Institutional investors and hedge funds own 50.92% of the company's stock.

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.