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

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ENVX. Benchmark cut 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. Cowen restated a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Craig Hallum restated a "buy" rating and set a $15.00 price target (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Wall Street Zen upgraded shares of Enovix from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, TD Cowen upgraded shares of Enovix to a "hold" rating and boosted their price target for the company from $7.00 to $15.00 in a research note on Monday, July 7th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Enovix Price Performance

The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The stock has a market cap of $2.82 billion, a P/E ratio of -11.38 and a beta of 2.09. The business's 50-day simple moving average is $9.76 and its two-hundred day simple moving average is $9.21.

Enovix announced that its Board of Directors has initiated a share repurchase program on Wednesday, July 2nd that permits the company to repurchase $60.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Enovix

Large investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC purchased a new stake in Enovix in the fourth quarter valued at approximately $27,000. Sava Infond d.o.o. purchased a new stake in Enovix in the fourth quarter valued at approximately $43,000. Stone House Investment Management LLC purchased a new stake in Enovix in the first quarter valued at approximately $37,000. Parallel Advisors LLC raised its stake in Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares in the last quarter. Finally, HBK Sorce Advisory LLC purchased a new stake in Enovix in the first quarter valued at approximately $74,000. 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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