Bank of New York Mellon Corp Buys 2,640 Shares of Enovix Corporation (NASDAQ:ENVX)

Bank of New York Mellon Corp grew its stake in Enovix Corporation (NASDAQ:ENVX) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 504,179 shares of the company’s stock after acquiring an additional 2,640 shares during the period. Bank of New York Mellon Corp owned 0.26% of Enovix worth $3,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Enovix by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock worth $171,458,000 after buying an additional 2,063,631 shares during the period. Fred Alger Management LLC grew its position in shares of Enovix by 212.4% during the 4th quarter. Fred Alger Management LLC now owns 1,838,914 shares of the company’s stock worth $19,989,000 after buying an additional 1,250,300 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Enovix during the 4th quarter worth approximately $3,484,000. Frontier Capital Management Co. LLC acquired a new stake in shares of Enovix during the 4th quarter worth approximately $3,397,000. Finally, Geode Capital Management LLC grew its position in shares of Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock worth $41,520,000 after buying an additional 235,142 shares during the period. 50.92% of the stock is owned by institutional investors.

Enovix Stock Performance

Shares of ENVX opened at $14.69 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 4.49 and a current ratio of 4.68. Enovix Corporation has a twelve month low of $5.27 and a twelve month high of $16.49. The firm’s 50 day moving average price is $10.43 and its two-hundred day moving average price is $9.29. The firm has a market cap of $2.82 billion, a P/E ratio of -11.39 and a beta of 2.09.

Enovix declared that its Board of Directors has authorized a share buyback plan on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. TD Cowen upgraded shares of Enovix to a “hold” rating and lifted their price target for the stock from $7.00 to $15.00 in a research report on Monday, July 7th. Cowen reiterated a “hold” rating on shares of Enovix in a research report on Tuesday, July 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday. TD Securities decreased their price objective on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Finally, Benchmark boosted their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a report on Friday. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Enovix currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.73.

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.