Enovix (NASDAQ:ENVX) Shares Down 9.7% – Here’s Why

Enovix Corporation (NASDAQ:ENVX)’s stock price fell 9.7% during trading on Thursday . The stock traded as low as $4.65 and last traded at $4.6150. 4,223,921 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 6,412,623 shares. The stock had previously closed at $5.11.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Cowen reaffirmed a “buy” rating on shares of Enovix in a research report on Thursday, May 14th. JPMorgan Chase & Co. lowered Enovix from a “neutral” rating to an “underweight” rating in a research note on Wednesday, May 6th. Craig Hallum decreased their price objective on shares of Enovix from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research note on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of Enovix from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.64.

Enovix Stock Down 9.8%

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -5.55 and a beta of 2.26. 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 business’s fifty day moving average is $6.51 and its two-hundred day moving average is $6.39.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results 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. The company had revenue of $7.60 million for the quarter, compared to analysts’ expectations of $6.95 million. Enovix had a negative return on equity of 64.28% and a negative net margin of 499.64%.Enovix’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period last year, the firm earned ($0.15) earnings per share. Enovix has set its Q2 2026 guidance at -0.170–0.130 EPS. Equities analysts forecast that Enovix Corporation will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enovix

Large investors have recently bought and sold shares of the company. Private Advisor Group LLC increased its holdings in Enovix by 2.7% in the 3rd quarter. Private Advisor Group LLC now owns 46,519 shares of the company’s stock valued at $464,000 after purchasing an additional 1,242 shares in the last quarter. Parallel Advisors LLC lifted its position in Enovix by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after acquiring an additional 1,342 shares in the last quarter. Equitable Holdings Inc. boosted its holdings in Enovix by 10.9% in the 3rd quarter. Equitable Holdings Inc. now owns 13,700 shares of the company’s stock worth $137,000 after acquiring an additional 1,342 shares during the period. NewEdge Advisors LLC lifted its position in shares of Enovix by 4.7% during the first quarter. NewEdge Advisors LLC now owns 41,460 shares of the company’s stock worth $215,000 after purchasing an additional 1,853 shares in the last quarter. Finally, Mariner LLC boosted its position in Enovix by 3.4% in the 3rd quarter. Mariner LLC now owns 58,343 shares of the company’s stock valued at $582,000 after buying an additional 1,921 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.