Bayforest Capital Ltd bought a new stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 52,459 shares of the company's stock, valued at approximately $385,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the period. Fred Alger Management LLC lifted its stake in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock worth $19,989,000 after acquiring an additional 1,250,300 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Enovix during the 4th quarter valued at $3,484,000. Frontier Capital Management Co. LLC bought a new position in shares of Enovix in the 4th quarter worth $3,397,000. Finally, Geode Capital Management LLC raised its position in shares of 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 acquiring an additional 235,142 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.
Enovix Price Performance
NASDAQ:ENVX opened at $13.40 on Friday. The company's 50-day moving average price is $10.93 and its two-hundred day moving average price is $9.38. Enovix Corporation has a 12 month low of $5.27 and a 12 month high of $16.49. The firm has a market cap of $2.57 billion, a PE ratio of -10.39 and a beta of 2.09. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71.
Enovix announced that its board has initiated a share repurchase program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. TD Cowen upgraded Enovix to a "hold" rating and upped their target price for the stock from $7.00 to $15.00 in a research note on Monday, July 7th. JPMorgan Chase & Co. restated a "neutral" rating and set a $12.00 price target (up from $9.00) on shares of Enovix in a research report on Thursday, July 24th. B. Riley reiterated a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Cowen restated a "hold" rating on shares of Enovix in a research note on Tuesday, July 8th. Finally, TD Securities cut their target price on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.73.
Check Out Our Latest Report on Enovix
About Enovix
(
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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