Enovix Corporation (NASDAQ:ENVX - Get Free Report) was up 2% during trading on Wednesday . The stock traded as high as $14.97 and last traded at $14.92. Approximately 3,553,203 shares were traded during trading, a decline of 41% from the average daily volume of 6,000,767 shares. The stock had previously closed at $14.63.
Analyst Ratings Changes
Several equities research analysts have recently commented on ENVX shares. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Wall Street Zen raised Enovix from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Benchmark dropped their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. B. Riley reissued a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Finally, TD Securities dropped their price target on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.55.
Get Our Latest Stock Analysis on Enovix
Enovix Stock Performance
The firm has a 50-day simple moving average of $9.58 and a two-hundred day simple moving average of $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 company has a market capitalization of $3.02 billion, a price-to-earnings ratio of -12.23 and a beta of 2.09.
Enovix declared that its board has approved 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 buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.
Hedge Funds Weigh In On Enovix
A number of hedge funds have recently added to or reduced their stakes in ENVX. Coppell Advisory Solutions LLC acquired a new position in Enovix in the fourth quarter worth approximately $27,000. Stone House Investment Management LLC acquired a new position in Enovix in the first quarter worth approximately $37,000. Sava Infond d.o.o. acquired a new position in Enovix in the fourth quarter worth approximately $43,000. Parallel Advisors LLC increased its holdings in Enovix by 103.8% in the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after buying an additional 3,849 shares during the last quarter. Finally, Lee Danner & Bass Inc. acquired a new position in Enovix in the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 50.92% of the company's stock.
Enovix Company Profile
(
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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