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Enovix (NASDAQ:ENVX) Stock Price Up 1.7% - Here's Why

Enovix logo with Energy background

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

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. TD Cowen upgraded shares of Enovix to a "hold" rating and lifted their price target for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday. Craig Hallum restated a "buy" rating and issued a $15.00 price target (up previously from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Benchmark decreased their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Cowen reiterated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.82.

View Our Latest Stock Report on ENVX

Enovix Stock Down 0.9%

The business's 50 day simple moving average is $10.30 and its 200-day simple moving average is $9.31. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -11.19 and a beta of 2.09. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68.

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

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the business. Coppell Advisory Solutions LLC acquired a new stake in shares of Enovix in the 4th quarter valued at $27,000. Sava Infond d.o.o. acquired a new stake in shares of Enovix in the 4th quarter valued at $43,000. Stone House Investment Management LLC bought a new position in Enovix in the 1st quarter worth $37,000. Parallel Advisors LLC raised its holdings 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 acquiring an additional 3,849 shares during the period. Finally, HBK Sorce Advisory LLC bought a new position in Enovix in the 1st quarter worth $74,000. Institutional investors and hedge funds own 50.92% of the company's stock.

About Enovix

(Get Free Report)

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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