23,270 Shares in Enovix Corporation (NASDAQ:ENVX) Purchased by Teacher Retirement System of Texas

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

Several other institutional investors and hedge funds have also recently modified their holdings of ENVX. Vanguard Group Inc. increased 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 purchasing an additional 2,063,631 shares during the period. Fred Alger Management LLC grew its holdings in shares of Enovix by 212.4% during 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in Enovix during the fourth quarter valued at $3,484,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Enovix in the fourth quarter worth about $3,397,000. Finally, Geode Capital Management LLC increased its stake in Enovix by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock valued at $41,520,000 after acquiring an additional 235,142 shares during the period. Institutional investors own 50.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ENVX. B. Riley reissued a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Craig Hallum restated a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. JPMorgan Chase & Co. reduced their target price on shares of Enovix from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. 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, Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.55.

Enovix Price Performance

NASDAQ:ENVX traded up $0.26 during trading hours on Tuesday, hitting $14.69. 12,202,175 shares of the company's stock traded hands, compared to its average volume of 6,989,180. The firm has a market cap of $2.82 billion, a P/E ratio of -11.39 and a beta of 2.09. Enovix Corporation has a 52 week low of $4.61 and a 52 week high of $16.49. The business's fifty day simple moving average is $9.76 and its two-hundred day simple moving average is $9.21. 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 declared that its Board of Directors has approved a share buyback program on Wednesday, July 2nd that authorizes the company to buyback $60.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

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.