Enovix (NASDAQ:ENVX) Stock Rating Upgraded by Wall Street Zen

Enovix (NASDAQ:ENVX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

Other equities analysts also recently issued reports about the stock. Craig Hallum restated a "buy" rating and issued a $15.00 target price (up from $12.00) on shares of Enovix in a research note on Tuesday. TD Securities dropped their target price 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. Benchmark dropped their target price 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. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Finally, B. Riley restated a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.55.

Enovix Stock Performance

Enovix stock opened at $14.07 on Friday. 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 has a 1-year low of $5.27 and a 1-year high of $18.68. The firm has a market capitalization of $2.70 billion, a P/E ratio of -10.91 and a beta of 2.09. The company's 50-day moving average is $8.87 and its 200 day moving average is $9.10.

Enovix declared that its board has initiated a share 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 purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Bank of New York Mellon Corp boosted its stake in shares of Enovix by 6.1% during the fourth quarter. Bank of New York Mellon Corp now owns 501,539 shares of the company's stock valued at $5,452,000 after purchasing an additional 28,905 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Enovix by 9.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,348,340 shares of the company's stock valued at $14,656,000 after acquiring an additional 119,288 shares during the last quarter. Victory Capital Management Inc. lifted its position in Enovix by 6.8% during the fourth quarter. Victory Capital Management Inc. now owns 19,695 shares of the company's stock valued at $214,000 after acquiring an additional 1,257 shares during the last quarter. M&T Bank Corp purchased a new stake in Enovix during the fourth quarter valued at approximately $183,000. Finally, Arizona State Retirement System lifted its position in Enovix by 4.5% during the fourth quarter. Arizona State Retirement System now owns 43,464 shares of the company's stock valued at $472,000 after acquiring an additional 1,856 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

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.

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