Enovix (NASDAQ:ENVX) Shares Up 3.6% - Should You Buy?

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were up 3.6% during mid-day trading on Monday . The stock traded as high as $14.62 and last traded at $14.57. Approximately 2,482,082 shares were traded during trading, a decline of 59% from the average daily volume of 6,002,910 shares. The stock had previously closed at $14.07.

Analysts Set New Price Targets

Several equities analysts have issued reports on ENVX shares. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (up previously from $12.00) on shares of Enovix in a report on Thursday, July 10th. TD Securities dropped their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a report on Saturday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Enovix has an average rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Stock Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The stock's 50-day moving average price is $9.04 and its 200-day moving average price is $9.10. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -11.34 and a beta of 2.09.

Enovix declared that its board has authorized a stock buyback plan 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 plans are generally a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Enovix

A number of institutional investors have recently modified their holdings of ENVX. Coppell Advisory Solutions LLC acquired a new position in Enovix in the fourth quarter worth approximately $27,000. Stone House Investment Management LLC bought a new position in Enovix in the 1st quarter worth $37,000. Sava Infond d.o.o. bought a new position in Enovix in the 4th quarter worth $43,000. Parallel Advisors LLC increased its holdings in shares of Enovix by 103.8% during the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after purchasing an additional 3,849 shares during the period. Finally, Lee Danner & Bass Inc. bought a new stake in Enovix in the fourth quarter valued at about $65,000. 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.