Enovix (NASDAQ:ENVX) Trading 1.4% Higher - Time to Buy?

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price was up 1.4% during trading on Wednesday . The company traded as high as $14.39 and last traded at $13.63. Approximately 4,918,522 shares changed hands during trading, a decline of 17% from the average daily volume of 5,925,204 shares. The stock had previously closed at $13.44.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ENVX shares. B. Riley lowered their price target on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Cowen reiterated a "hold" rating on shares of Enovix in a report on Tuesday. TD Securities lowered their price target on shares of Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. TD Cowen upgraded shares of Enovix to a "hold" rating and upped their price objective for the stock from $7.00 to $15.00 in a report on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.09.

Enovix Stock Performance

The firm has a market capitalization of $2.71 billion, a P/E ratio of -10.95 and a beta of 2.09. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The business's 50 day simple moving average is $8.56 and its two-hundred day simple moving average is $9.04.

Enovix announced that its Board of Directors has approved a share repurchase 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 usually a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of Enovix

Large investors have recently made changes to their positions in the stock. Coppell Advisory Solutions LLC bought a new stake in shares of Enovix in the fourth quarter worth approximately $27,000. Sava Infond d.o.o. bought a new stake in Enovix during the fourth quarter valued at approximately $43,000. Stone House Investment Management LLC bought a new stake in Enovix during the first quarter valued at approximately $37,000. Hollencrest Capital Management grew its position in Enovix by 61.4% during the fourth quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock valued at $57,000 after buying an additional 2,000 shares during the period. Finally, Lee Danner & Bass Inc. bought a new stake in Enovix during the fourth quarter valued at approximately $65,000. 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.