Enovix (NASDAQ:ENVX) Shares Up 2.3% - Still a Buy?

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares were up 2.3% during trading on Friday . The company traded as high as $11.64 and last traded at $11.38. Approximately 4,929,856 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 5,820,685 shares. The stock had previously closed at $11.12.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Benchmark decreased their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. cut their price objective on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. B. Riley reduced their price objective on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Finally, 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 report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.27.

Enovix Trading Up 2.3%

The business's 50-day moving average price is $8.16 and its 200-day moving average price is $8.94. The firm has a market capitalization of $2.18 billion, a PE ratio of -8.82 and a beta of 2.09. 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 announced that its Board of Directors has authorized a share buyback program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Coppell Advisory Solutions LLC purchased a new stake in shares of Enovix in the fourth quarter valued at about $27,000. Sava Infond d.o.o. acquired a new position in Enovix in the 4th quarter valued at about $43,000. Stone House Investment Management LLC purchased a new stake in Enovix during the 1st quarter valued at approximately $37,000. Hollencrest Capital Management raised its stake in Enovix by 61.4% during the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Lee Danner & Bass Inc. acquired a new stake in Enovix during the 4th quarter worth approximately $65,000. 50.92% of the stock is owned by hedge funds and other 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.