Enovix (NASDAQ:ENVX) Stock Price Down 8.1% After Analyst Downgrade

Enovix Corporation (NASDAQ:ENVX)’s share price traded down 8.1% during trading on Friday after TD Cowen lowered their price target on the stock from $7.00 to $5.50. TD Cowen currently has a hold rating on the stock. Enovix traded as low as $4.00 and last traded at $3.9890. Approximately 2,757,417 shares traded hands during trading, a decline of 57% from the average session volume of 6,366,392 shares. The stock had previously closed at $4.34.

Several other research firms have also commented on ENVX. JPMorgan Chase & Co. lowered Enovix from a “neutral” rating to an “underweight” rating in a research report on Wednesday, May 6th. Benchmark cut their target price on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Oppenheimer decreased their target price on shares of Enovix from $24.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Wall Street Zen upgraded Enovix from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.50.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbor Investment Advisory LLC boosted its stake in Enovix by 32.5% during the second quarter. Harbor Investment Advisory LLC now owns 18,740 shares of the company’s stock worth $114,000 after buying an additional 4,600 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Enovix by 4.7% in the 1st quarter. NewEdge Advisors LLC now owns 41,460 shares of the company’s stock valued at $215,000 after purchasing an additional 1,853 shares during the last quarter. Edgestream Partners L.P. boosted its holdings in Enovix by 12.3% in 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 during the last quarter. Amundi grew its position in Enovix by 6.3% in the first quarter. Amundi now owns 254,160 shares of the company’s stock worth $1,317,000 after acquiring an additional 15,126 shares during the period. Finally, California State Teachers Retirement System grew its holdings 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 worth $1,311,000 after purchasing an additional 84,134 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 7.7%

The company has a debt-to-equity ratio of 2.14, a current ratio of 10.97 and a quick ratio of 10.65. The company’s 50 day simple moving average is $6.25 and its two-hundred day simple moving average is $6.27. The company has a market cap of $873.69 million, a PE ratio of -4.85 and a beta of 2.26.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping 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 business had revenue of $7.60 million for the quarter, compared to analysts’ expectations of $6.95 million. During the same quarter in the prior year, the company earned ($0.15) earnings per share. The business’s quarterly revenue was up 49.1% on a year-over-year basis. 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 -0.79 EPS for the current fiscal year.

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.