Enovix (NASDAQ:ENVX) Trading Up 1.8% - Still a Buy?

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price rose 1.8% during mid-day trading on Thursday . The company traded as high as $14.78 and last traded at $14.82. Approximately 2,586,775 shares were traded during trading, a decline of 59% from the average daily volume of 6,307,545 shares. The stock had previously closed at $14.56.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ENVX. Cowen restated a "hold" rating 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. Wall Street Zen upgraded shares of Enovix from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. TD Securities cut 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. Finally, 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. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Enovix has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Enovix Trading Down 1.6%

The firm has a market cap of $2.73 billion, a P/E ratio of -10.94 and a beta of 2.09. The business's 50-day moving average is $10.30 and its two-hundred day moving average is $9.31. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49.

Enovix announced that its board has initiated 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 reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Coppell Advisory Solutions LLC bought a new position in Enovix in the 4th quarter valued at about $27,000. Sava Infond d.o.o. bought a new position in Enovix in the 4th quarter valued at about $43,000. Stone House Investment Management LLC bought a new position in Enovix in the 1st quarter valued at about $37,000. Parallel Advisors LLC increased its holdings in Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after buying an additional 3,849 shares during the period. Finally, HBK Sorce Advisory LLC bought a new position in Enovix in the 1st quarter valued at about $74,000. Institutional investors and hedge funds own 50.92% of the company's stock.

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.