Enovix (NASDAQ:ENVX) Trading Up 4.1% - Time to Buy?

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s share price rose 4.1% during trading on Thursday . The stock traded as high as $11.59 and last traded at $11.58. Approximately 2,305,220 shares traded hands during trading, a decline of 60% from the average daily volume of 5,813,257 shares. The stock had previously closed at $11.12.

Analysts Set New Price Targets

ENVX has been the subject of several research analyst reports. TD Securities reduced their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Benchmark lowered their price objective 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. B. Riley dropped their target price on shares of Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $17.27.

Enovix Stock Up 1.6%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The company's 50-day moving average price is $7.98 and its 200 day moving average price is $8.90. The stock has a market capitalization of $2.17 billion, a P/E ratio of -8.76 and a beta of 2.09.

Enovix announced that its board has approved a share buyback plan on Wednesday, July 2nd that allows the company to buyback $60.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Enovix

Institutional investors have recently made changes to their positions in the business. Coppell Advisory Solutions LLC bought a new position in Enovix in the 4th quarter worth approximately $27,000. Stone House Investment Management LLC bought a new position in shares of Enovix during the first quarter worth $37,000. Sava Infond d.o.o. purchased a new position in Enovix during the fourth quarter valued at $43,000. Parallel Advisors LLC increased its holdings in Enovix by 103.8% in the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after acquiring an additional 3,849 shares during the last quarter. Finally, Hollencrest Capital Management lifted 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 in the last quarter. Hedge funds and other 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.

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