Enovix (NASDAQ:ENVX) Trading 2.1% Higher on Analyst Upgrade

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s share price shot up 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. 7,685,595 shares traded hands during trading, an increase of 30% from the average session volume of 5,902,210 shares. The stock had previously closed at $13.03.

Several other analysts have also recently commented on the stock. B. Riley dropped their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Benchmark lowered their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Finally, TD Securities lowered their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.09.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Vanguard Group Inc. boosted its stake in shares of Enovix by 15.1% during the 4th 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 during the last quarter. Electron Capital Partners LLC lifted its position in 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 acquiring an additional 1,054,029 shares during the last quarter. Geode Capital Management LLC lifted its position in Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after acquiring an additional 235,142 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock worth $17,055,000 after acquiring an additional 41,559 shares during the last quarter. Finally, Fred Alger Management LLC raised its position in shares of Enovix by 21.5% in the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after buying an additional 394,532 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Trading Up 2.1%

The business's 50-day moving average price is $8.56 and its two-hundred day moving average price is $9.04. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -10.64 and a beta of 2.09. 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 declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.