Enovix (NASDAQ:ENVX) Shares Up 1.8% - Here's Why

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. restated a "neutral" rating and issued a $12.00 price target (up previously from $9.00) on shares of Enovix in a report on Thursday. Benchmark raised their price target on shares of Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a report on Friday. B. Riley restated a "buy" rating and issued a $17.00 price target (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. Craig Hallum restated a "buy" rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, TD Securities decreased their target price on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix has an average rating of "Moderate Buy" and a consensus target price of $18.73.

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 firm's fifty day moving average is $10.43 and its 200-day moving average is $9.27.

Enovix declared that its board has approved a share buyback plan on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Strong Tower Advisory Services boosted its stake in Enovix by 1.4% during the 2nd quarter. Strong Tower Advisory Services now owns 146,031 shares of the company's stock valued at $1,510,000 after acquiring an additional 1,986 shares during the last quarter. Blair William & Co. IL boosted its stake in Enovix by 3.3% during the 2nd quarter. Blair William & Co. IL now owns 318,998 shares of the company's stock valued at $3,298,000 after acquiring an additional 10,203 shares during the last quarter. Clear Creek Financial Management LLC boosted its stake in Enovix by 17.2% during the 2nd quarter. Clear Creek Financial Management LLC now owns 58,335 shares of the company's stock valued at $603,000 after acquiring an additional 8,570 shares during the last quarter. Fortis Advisors LLC raised its position in shares of Enovix by 16.4% during the 2nd quarter. Fortis Advisors LLC now owns 14,200 shares of the company's stock valued at $147,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Enovix by 8.2% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 22,640 shares of the company's stock valued at $234,000 after acquiring an additional 1,714 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.