Teacher Retirement System of Texas Makes New Investment in Enovix Corporation (NASDAQ:ENVX)

Teacher Retirement System of Texas acquired a new stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 23,270 shares of the company's stock, valued at approximately $171,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ENVX. Vanguard Group Inc. raised its holdings in shares of Enovix by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock valued at $171,458,000 after buying an additional 2,063,631 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Enovix by 212.4% in the fourth quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company's stock valued at $19,989,000 after buying an additional 1,250,300 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Enovix in the fourth quarter valued at about $3,484,000. Frontier Capital Management Co. LLC acquired a new stake in Enovix in the fourth quarter worth about $3,397,000. Finally, Geode Capital Management LLC increased its position in Enovix by 6.6% in the fourth 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 during the period. 50.92% of the stock is owned by institutional investors.

Enovix Stock Performance

ENVX traded up $0.31 during trading hours on Thursday, reaching $14.87. The company's stock had a trading volume of 3,382,433 shares, compared to its average volume of 6,310,628. Enovix Corporation has a 52 week low of $5.27 and a 52 week high of $16.49. The company's 50-day moving average is $10.17 and its 200-day moving average is $9.30. 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 firm has a market cap of $2.85 billion, a PE ratio of -11.54 and a beta of 2.09.

Enovix announced that its board has authorized a share repurchase plan on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ENVX shares. Craig Hallum reiterated a "buy" rating and issued a $15.00 price objective (up from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. JPMorgan Chase & Co. restated a "neutral" rating and set a $12.00 target price (up from $9.00) on shares of Enovix in a research report on Thursday. Benchmark decreased their target price on Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. TD Securities decreased their target price on Enovix from $10.00 to $7.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Finally, B. Riley restated a "buy" rating and set a $17.00 target price (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.82.

Enovix Company Profile

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.