Enovix (NASDAQ:ENVX) Trading 2.7% Higher - Still a Buy?

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) were up 2.7% during mid-day trading on Tuesday . The company traded as high as $15.15 and last traded at $14.82. Approximately 5,831,372 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 6,965,409 shares. The stock had previously closed at $14.43.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several analyst reports. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price target (up from $9.00) on shares of Enovix in a report on Thursday. TD Cowen raised Enovix to a "hold" rating and raised their price target for the company from $7.00 to $15.00 in a report on Monday, July 7th. Finally, B. Riley reissued a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.73.

Enovix Trading Up 1.8%

The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -11.39 and a beta of 2.09. The firm's 50 day moving average is $10.43 and its 200 day moving average is $9.31. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71.

Enovix announced that its board has approved a stock repurchase plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Enovix by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC lifted its position in shares of Enovix by 18.6% in the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock valued at $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock valued at $17,055,000 after acquiring an additional 41,559 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of Enovix by 21.5% in the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock valued at $16,393,000 after acquiring an additional 394,532 shares in the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

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.