Enovix (NASDAQ:ENVX) Stock Price Up 9.9% - Should You Buy?

Key Points

• Enovix Corporation's stock rose by 9.9%, reaching a last trading price of $14.15, despite a decrease in trading volume.
• Analysts have mixed views on Enovix, with a consensus rating of "Hold" and a price target increase to $17.00 from analysts like B. Riley.
• Enovix announced a $60 million stock buyback program, indicating confidence in its stock value from the Board of Directors.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were up 9.9% on Wednesday . The company traded as high as $14.04 and last traded at $14.15. Approximately 4,303,311 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 6,794,672 shares. The stock had previously closed at $12.87.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ENVX shares. Cowen reaffirmed a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. TD Cowen upgraded Enovix to a "hold" rating and lifted their price target for the company from $7.00 to $15.00 in a research note on Monday, July 7th. B. Riley restated a "buy" rating and issued a $17.00 target price (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $12.00 price objective (up previously from $9.00) on shares of Enovix in a research note on Thursday, July 24th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Enovix in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of "Hold" and a consensus price target of $17.00.

Enovix Trading Up 3.8%

The firm's 50-day simple moving average is $10.41 and its 200-day simple moving average is $9.55. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $2.63 billion, a PE ratio of -15.89 and a beta of 2.07.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $7.47 million for the quarter. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%. Equities analysts expect that Enovix Corporation will post -1.01 earnings per share for the current year.

Enovix announced that its Board of Directors has approved a stock buyback program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 18,614 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $13.00, for a total transaction of $241,982.00. Following the completion of the transaction, the chief operating officer owned 1,002,684 shares of the company's stock, valued at approximately $13,034,892. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Enovix

Several institutional investors and hedge funds have recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC bought a new stake in Enovix in the 2nd quarter worth approximately $13,206,000. Refined Wealth Management boosted its stake in shares of Enovix by 18.8% during the 1st quarter. Refined Wealth Management now owns 675,449 shares of the company's stock worth $4,958,000 after acquiring an additional 106,843 shares during the last quarter. CenterBook Partners LP boosted its stake in shares of Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after acquiring an additional 721,309 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Enovix by 1.8% during the 1st 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, L & S Advisors Inc boosted its stake in shares of Enovix by 50.6% during the 1st quarter. L & S Advisors Inc now owns 191,975 shares of the company's stock worth $1,409,000 after acquiring an additional 64,471 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.