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

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price was up 1.4% during mid-day 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 mid-day trading, a decline of 17% from the average daily volume of 5,925,204 shares. The stock had previously closed at $13.44.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ENVX shares. Cowen reiterated a "hold" rating on shares of Enovix in a research note on Tuesday. B. Riley cut their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Craig Hallum reiterated a "buy" rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a research note on Tuesday. TD Cowen upgraded shares of Enovix to a "hold" rating and lifted their target price for the company from $7.00 to $15.00 in a research note on Monday. Finally, Benchmark cut their target price on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix presently has an average rating of "Moderate Buy" and a consensus price target of $17.09.

Enovix Stock Up 2.1%

The company has a market cap of $2.63 billion, a price-to-earnings ratio of -10.64 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 firm's fifty day moving average price is $8.42 and its 200-day moving average price is $9.01.

Enovix declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC acquired a new position in shares of Enovix in the 4th quarter valued at $27,000. Stone House Investment Management LLC acquired a new position in Enovix in the 1st quarter worth $37,000. Sava Infond d.o.o. acquired a new position in Enovix in the 4th quarter worth $43,000. Parallel Advisors LLC boosted its stake in Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after purchasing an additional 3,849 shares during the period. Finally, Hollencrest Capital Management boosted its stake in Enovix by 61.4% in the 4th quarter. Hollencrest Capital Management now owns 5,256 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

About Enovix

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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