Enovix (NASDAQ:ENVX) Sets New 12-Month High – Still a Buy?

Shares of Enovix Corporation (NASDAQ:ENVX) reached a new 52-week high on Friday . The stock traded as high as $16.04 and last traded at $15.93, with a volume of 12784931 shares. The stock had previously closed at $15.10.

Analyst Ratings Changes

Several analysts have issued reports on ENVX shares. TD Securities dropped their price target on Enovix from $10.00 to $7.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Craig Hallum reaffirmed a “buy” rating and issued a $15.00 target price (up previously from $12.00) on shares of Enovix in a research report on Tuesday, July 8th. Wall Street Zen raised Enovix from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. B. Riley restated a “buy” rating and issued a $17.00 price target (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Finally, Cowen reiterated a “hold” rating on shares of Enovix in a research note 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 currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.55.

Enovix Trading Down 2.4%

The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of -12.05 and a beta of 2.09. The business’s 50-day moving average price is $9.76 and its two-hundred day moving average price is $9.23.

Enovix announced that its Board of Directors has authorized a share buyback 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Enovix

A number of hedge funds have recently made changes to their positions in ENVX. Coppell Advisory Solutions LLC bought a new stake in shares of Enovix in the 4th quarter valued at $27,000. Stone House Investment Management LLC acquired a new position in Enovix in the first quarter valued at $37,000. Sava Infond d.o.o. bought a new stake in Enovix during the fourth quarter valued at $43,000. Parallel Advisors LLC boosted its position in shares of Enovix by 103.8% during the 1st quarter. Parallel Advisors LLC now owns 7,557 shares of the company’s stock valued at $55,000 after purchasing an additional 3,849 shares in the last quarter. Finally, Lee Danner & Bass Inc. acquired a new stake in Enovix during the fourth quarter worth approximately $65,000. 50.92% of the stock is owned by institutional investors and hedge funds.

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.