Enovix (NASDAQ:ENVX) Stock Price Up 12.3% – What’s Next?

Enovix Corporation (NASDAQ:ENVX)’s share price shot up 12.3% during mid-day trading on Tuesday . The stock traded as high as $7.64 and last traded at $7.50. 3,056,388 shares were traded during trading, a decline of 52% from the average session volume of 6,404,835 shares. The stock had previously closed at $6.68.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Oppenheimer cut their price objective on shares of Enovix from $24.00 to $21.00 and set an “outperform” rating on the stock in a report on Thursday, May 14th. Craig Hallum cut their price objective on shares of Enovix from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. TD Cowen reiterated a “buy” rating on shares of Enovix in a report on Thursday, May 14th. Benchmark cut their price objective on shares of Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Finally, Bank of America assumed coverage on shares of Enovix in a report on Thursday, March 12th. They set a “neutral” rating and a $6.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.64.

Enovix Price Performance

The company’s fifty day moving average is $5.98 and its 200 day moving average is $6.84. The company has a quick ratio of 10.65, a current ratio of 10.97 and a debt-to-equity ratio of 2.14. The stock has a market cap of $1.58 billion, a PE ratio of -8.71 and a beta of 2.24.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $7.60 million for the quarter, compared to analyst estimates of $6.95 million. During the same quarter last year, the firm posted ($0.15) earnings per share. Enovix’s revenue for the quarter 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 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ENVX. Vanguard Group Inc. raised its holdings in Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock valued at $129,831,000 after buying an additional 1,747,145 shares during the period. Millennium Management LLC raised its holdings in Enovix by 1,038.9% in the third quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock valued at $14,724,000 after buying an additional 1,347,200 shares during the period. Two Sigma Investments LP raised its holdings in Enovix by 9,197.1% in the third quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock valued at $11,974,000 after buying an additional 1,188,079 shares during the period. Barclays PLC raised its holdings in Enovix by 263.1% in the fourth quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock valued at $11,345,000 after buying an additional 1,124,480 shares during the period. Finally, Electron Capital Partners LLC raised its holdings in Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after buying an additional 972,103 shares during the period. Hedge funds and other institutional investors own 50.92% of the company’s stock.

About Enovix

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.