New York State Common Retirement Fund Raises Stock Position in Enovix Corporation (NASDAQ:ENVX)

New York State Common Retirement Fund increased its holdings in shares of Enovix Corporation (NASDAQ:ENVX) by 26.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,769 shares of the company’s stock after purchasing an additional 10,700 shares during the period. New York State Common Retirement Fund’s holdings in Enovix were worth $380,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ENVX. Arizona State Retirement System lifted its stake in shares of Enovix by 5.4% during the first quarter. Arizona State Retirement System now owns 45,810 shares of the company’s stock worth $336,000 after purchasing an additional 2,346 shares in the last quarter. Kathmere Capital Management LLC purchased a new stake in shares of Enovix during the 1st quarter valued at about $182,000. tru Independence LLC raised its holdings in shares of Enovix by 3.3% during the 1st quarter. tru Independence LLC now owns 294,535 shares of the company’s stock valued at $2,162,000 after buying an additional 9,325 shares during the period. Envestnet Asset Management Inc. lifted its position in Enovix by 54.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 178,578 shares of the company’s stock worth $1,311,000 after acquiring an additional 62,734 shares in the last quarter. Finally, Concurrent Investment Advisors LLC boosted its holdings in Enovix by 4.9% in the 1st quarter. Concurrent Investment Advisors LLC now owns 66,604 shares of the company’s stock worth $489,000 after acquiring an additional 3,123 shares during the period. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Price Performance

ENVX opened at $14.69 on Friday. The company has a market capitalization of $2.82 billion, a P/E ratio of -11.39 and a beta of 2.09. The company has a 50-day moving average of $10.43 and a 200-day moving average of $9.29. 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 1-year low of $5.27 and a 1-year high of $16.49.

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

Wall Street Analysts Forecast Growth

ENVX has been the topic of a number of analyst reports. Benchmark lifted their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a “buy” rating in a research note on Friday. Wall Street Zen raised shares of Enovix from a “sell” rating to a “hold” rating in a report on Saturday, July 12th. Cowen reiterated a “hold” rating on shares of Enovix in a report on Tuesday, July 8th. 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 research report on Thursday, May 1st. Finally, Craig Hallum restated a “buy” rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Enovix has an average 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.