Enovix (NASDAQ:ENVX) Trading 9% Higher – Still a Buy?

Enovix Corporation (NASDAQ:ENVX)’s share price shot up 9% during trading on Wednesday . The stock traded as high as $6.09 and last traded at $6.0250. 3,564,590 shares were traded during trading, a decline of 44% from the average session volume of 6,350,229 shares. The stock had previously closed at $5.53.

Analysts Set New Price Targets

Several research firms have commented on ENVX. Canaccord Genuity Group dropped their target price on shares of Enovix from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research report on Friday, April 10th. JPMorgan Chase & Co. cut shares of Enovix from a “neutral” rating to an “underweight” rating in a research report on Wednesday, May 6th. TD Cowen reissued a “buy” rating on shares of Enovix in a research report on Thursday, May 14th. Finally, B. Riley Financial dropped their target price on shares of Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.64.

Enovix Price Performance

The company has a market cap of $1.37 billion, a P/E ratio of -7.57 and a beta of 2.24. The company has a current ratio of 10.97, a quick ratio of 10.65 and a debt-to-equity ratio of 2.14. The business’s fifty day moving average is $5.86 and its 200 day moving average is $6.98.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. Enovix had a negative net margin of 499.64% and a negative return on equity of 64.28%. The business had revenue of $7.60 million during the quarter, compared to analyst estimates of $6.95 million. During the same period in the previous year, the business earned ($0.15) EPS. Enovix’s revenue was up 49.1% compared to the same quarter last year. Enovix has set its Q2 2026 guidance at -0.170–0.130 EPS. As a group, sell-side analysts anticipate that Enovix Corporation will post -0.81 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Edgestream Partners L.P. grew its position in shares of Enovix by 12.3% during the 1st quarter. Edgestream Partners L.P. now owns 229,286 shares of the company’s stock valued at $1,188,000 after purchasing an additional 25,159 shares in the last quarter. Amundi grew its position in shares of Enovix by 6.3% during the 1st quarter. Amundi now owns 254,160 shares of the company’s stock valued at $1,317,000 after purchasing an additional 15,126 shares in the last quarter. California State Teachers Retirement System grew its position in shares of Enovix by 49.8% during the 1st quarter. California State Teachers Retirement System now owns 253,039 shares of the company’s stock valued at $1,311,000 after purchasing an additional 84,134 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Enovix by 8.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 86,474 shares of the company’s stock valued at $448,000 after purchasing an additional 7,075 shares in the last quarter. Finally, SummitTX Capital L.P. purchased a new position in shares of Enovix during the 1st quarter valued at $167,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.