Enovix (NASDAQ:ENVX) Trading Up 2.1% After Analyst Upgrade

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares rose 2.1% during trading on Tuesday after TD Cowen upgraded the stock to a hold rating. TD Cowen now has a $15.00 price target on the stock, up from their previous price target of $7.00. Enovix traded as high as $14.04 and last traded at $13.30. Approximately 7,685,595 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 5,902,210 shares. The stock had previously closed at $13.03.

A number of other equities research analysts also recently weighed in on ENVX. TD Securities dropped their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. B. Riley dropped their target price on Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Benchmark dropped their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. dropped their target price on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Enovix currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC acquired a new stake in Enovix during the 4th quarter worth $27,000. Stone House Investment Management LLC acquired a new stake in shares of Enovix in the 1st quarter valued at about $37,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the 4th quarter valued at about $43,000. Parallel Advisors LLC raised its stake in shares of 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 purchasing an additional 3,849 shares during the period. Finally, Hollencrest Capital Management raised its stake in shares of Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Price Performance

The company has a 50 day simple moving average of $8.56 and a 200-day simple moving average of $9.04. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -10.95 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.

Enovix announced that its board has initiated a stock buyback plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.