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Enovix (NASDAQ:ENVX) Stock Price Up 3% - Should You Buy?

Enovix logo with Energy background

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares rose 3% on Thursday . The stock traded as high as $14.13 and last traded at $14.13. Approximately 2,270,724 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 5,933,186 shares. The stock had previously closed at $13.72.

Analyst Upgrades and Downgrades

ENVX has been the topic of a number of recent analyst reports. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday. TD Securities lowered their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Craig Hallum restated a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research report on Tuesday. B. Riley reiterated a "buy" rating and set a $17.00 target price (up from $12.00) on shares of Enovix in a research report on Thursday. Finally, TD Cowen upgraded Enovix to a "hold" rating and boosted their target price for the stock from $7.00 to $15.00 in a research report on Monday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Get Our Latest Analysis on ENVX

Enovix Stock Down 0.4%

The stock has a 50 day moving average price of $8.72 and a 200 day moving average price of $9.07. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $2.70 billion, a P/E ratio of -10.91 and a beta of 2.09.

Enovix declared that its board has authorized a share repurchase plan on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows 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 management believes its shares are undervalued.

Institutional Trading of Enovix

Several institutional investors have recently made changes to their positions in ENVX. Deutsche Bank AG increased its holdings in Enovix by 44.8% during the fourth quarter. Deutsche Bank AG now owns 140,606 shares of the company's stock worth $1,528,000 after buying an additional 43,498 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after purchasing an additional 2,063,631 shares during the period. Refined Wealth Management raised its holdings in shares of Enovix by 18.8% in the 1st quarter. Refined Wealth Management now owns 675,449 shares of the company's stock valued at $4,958,000 after acquiring an additional 106,843 shares in the last quarter. Strong Tower Advisory Services raised its stake in Enovix by 93.1% in the first quarter. Strong Tower Advisory Services now owns 144,045 shares of the company's stock valued at $1,057,000 after purchasing an additional 69,435 shares in the last quarter. Finally, Amundi lifted its holdings in shares of Enovix by 360.8% during the 4th quarter. Amundi now owns 235,369 shares of the company's stock worth $2,558,000 after acquiring an additional 184,294 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

About Enovix

(Get Free Report)

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.

Further Reading

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