Enovix (NASDAQ:ENVX) Shares Up 3% - Here's What Happened

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s share price shot up 3% during mid-day trading on Thursday . The stock traded as high as $14.13 and last traded at $14.13. 2,270,724 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 5,933,186 shares. The stock had previously closed at $13.72.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ENVX. Cowen restated a "hold" rating on shares of Enovix in a research note on Tuesday. 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 note on Tuesday. TD Cowen upgraded shares of Enovix to a "hold" rating and raised their price objective for the stock from $7.00 to $15.00 in a research note on Monday. TD Securities lowered their price objective on shares of Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, Benchmark lowered their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Enovix has a consensus rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Price Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The stock's 50 day simple moving average is $8.72 and its two-hundred day simple moving average is $9.07. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -10.95 and a beta of 2.09.

Enovix announced that its board has authorized a share buyback program on Wednesday, July 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently bought and sold shares of ENVX. Coppell Advisory Solutions LLC acquired a new stake in Enovix during the fourth quarter worth $27,000. Stone House Investment Management LLC acquired a new stake in Enovix during the first quarter worth $37,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the 4th quarter valued at $43,000. Parallel Advisors LLC boosted 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 in the last quarter. Finally, Hollencrest Capital Management boosted 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 in the last quarter. Institutional investors and hedge funds own 50.92% of the company's stock.

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.