Enovix (NASDAQ:ENVX) Trading Up 1.7% - Here's What Happened

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price rose 1.7% during trading on Monday . The stock traded as high as $15.88 and last traded at $15.81. Approximately 2,725,159 shares traded hands during trading, a decline of 61% from the average daily volume of 6,933,068 shares. The stock had previously closed at $15.54.

Analyst Ratings Changes

A number of analysts recently weighed in on ENVX shares. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. B. Riley reaffirmed a "buy" rating and set a $17.00 price target (up previously from $12.00) on shares of Enovix in a research report on Thursday, July 10th. TD Securities reduced their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Craig Hallum restated a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded Enovix from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Enovix Trading Down 7.1%

The stock's fifty day moving average price is $9.76 and its two-hundred day moving average price is $9.21. 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 stock has a market capitalization of $2.77 billion, a P/E ratio of -11.19 and a beta of 2.09.

Enovix announced that its board has authorized a stock buyback program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Institutional Trading of Enovix

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.