Enovix (NASDAQ:ENVX) Reaches New 1-Year Low – Here’s What Happened

Enovix Corporation (NASDAQ:ENVX)’s stock price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $2.46 and last traded at $2.4850, with a volume of 536503 shares traded. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

A number of research firms recently commented on ENVX. Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 price target on shares of Enovix in a report on Thursday, August 13th. Canaccord Genuity Group cut their price objective on shares of Enovix from $15.00 to $10.00 and set a “buy” rating for the company in a report on Friday, August 14th. Craig Hallum set a $7.00 price objective on shares of Enovix in a research report on Thursday, August 13th. TD Cowen raised shares of Enovix to a “hold” rating in a report on Monday. Finally, Wall Street Zen cut shares of Enovix from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.77.

Enovix Price Performance

The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71. The firm has a fifty day simple moving average of $3.43 and a two-hundred day simple moving average of $5.14. The firm has a market cap of $549.72 million, a PE ratio of -3.09 and a beta of 2.49.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.02. The business had revenue of $9.02 million for the quarter, compared to analysts’ expectations of $8.43 million. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%.The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.13) EPS. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. Equities analysts predict that Enovix Corporation will post -0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

Institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC purchased a new position in shares of Enovix in the 2nd quarter worth $61,000. Engineers Gate Manager LP raised its position in shares of Enovix by 132.4% during the 2nd quarter. Engineers Gate Manager LP now owns 51,281 shares of the company’s stock valued at $311,000 after buying an additional 29,214 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Enovix by 99.5% during the 2nd quarter. HB Wealth Management LLC now owns 30,664 shares of the company’s stock valued at $186,000 after buying an additional 15,294 shares in the last quarter. AXQ Capital LP raised its position in shares of Enovix by 249.5% during the 2nd quarter. AXQ Capital LP now owns 118,115 shares of the company’s stock valued at $717,000 after buying an additional 84,322 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in shares of Enovix by 231.6% in the 2nd quarter. Headlands Technologies LLC now owns 301,781 shares of the company’s stock valued at $1,832,000 after acquiring an additional 210,782 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Company Profile

Enovix Corporation is a battery technology company developing lithium-ion batteries that use a silicon-based anode and a three-dimensional cell architecture. The company’s design is intended to increase energy density while incorporating structural features designed to improve safety and cycle life compared with conventional lithium-ion batteries.

Enovix is focused initially on batteries for consumer electronics, including smartphones, wearable devices and other mobile products. It has also identified applications in industrial, medical, aerospace, defense and electric vehicle markets.