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

Enovix logo with Energy background

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.

View Our Latest Analysis on Enovix

Enovix Company Profile

(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.

See Also

Institutional Ownership by Quarter for Enovix (NASDAQ:ENVX)

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