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

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

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Clear Creek Financial Management LLC grew its position in Enovix by 10.0% during the first quarter. Clear Creek Financial Management LLC now owns 49,765 shares of the company's stock valued at $365,000 after buying an additional 4,515 shares during the period. Smith Salley Wealth Management acquired a new stake in Enovix during the first quarter valued at $75,000. HBK Sorce Advisory LLC acquired a new stake in Enovix during the first quarter valued at $74,000. Sava Infond d.o.o. grew its position in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock valued at $44,000 after buying an additional 2,000 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in Enovix by 8.0% during the first quarter. Oppenheimer & Co. Inc. now owns 300,970 shares of the company's stock valued at $2,209,000 after buying an additional 22,208 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Price Performance

Shares of NASDAQ:ENVX traded down $0.13 during midday trading on Thursday, hitting $14.43. The company's stock had a trading volume of 10,843,292 shares, compared to its average volume of 10,705,611. 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 debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. The company has a market cap of $2.77 billion, a P/E ratio of -11.19 and a beta of 2.09. Enovix Corporation has a 12-month low of $5.27 and a 12-month high of $16.49.

Enovix declared that its board has authorized a stock buyback program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently commented on ENVX shares. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. B. Riley reaffirmed a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Craig Hallum reaffirmed a "buy" rating and set a $15.00 price objective (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. TD Cowen raised shares of Enovix to a "hold" rating and increased their price objective for the company from $7.00 to $15.00 in a report on Monday, July 7th. Finally, Benchmark decreased their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.