Enovix Corporation (NASDAQ:ENVX – Get Free Report) shares fell 4.2% during mid-day trading on Monday. The company traded as low as $2.41 and last traded at $2.3850. Approximately 1,169,735 shares changed hands during trading, a decline of 83% from the average daily volume of 6,804,836 shares. The stock had previously closed at $2.49.
Wall Street Analyst Weigh In
Several research firms have commented on ENVX. B. Riley Financial dropped their price objective on shares of Enovix from $10.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 target price on shares of Enovix in a research report on Thursday, August 13th. Canaccord Genuity Group dropped their price target on Enovix from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Craig Hallum set a $7.00 price target on Enovix in a report on Thursday, August 13th. Finally, Bank of America restated a “neutral” rating and set a $5.00 price target on shares of Enovix in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.77.
View Our Latest Stock Analysis on Enovix
Enovix Trading Down 2.2%
The company has a market cap of $534.36 million, a PE ratio of -2.99 and a beta of 2.49. The stock’s 50 day moving average is $3.18 and its 200-day moving average is $5.01. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46.
Enovix (NASDAQ:ENVX – Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The business had revenue of $9.02 million during the quarter, compared to analyst estimates of $8.43 million. During the same quarter last year, the business earned ($0.13) earnings per share. Enovix’s quarterly revenue was up 20.8% compared to the same quarter last year. Enovix has set its Q3 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 year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Enovix during the second quarter worth approximately $100,054,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Enovix in the 2nd quarter valued at approximately $8,689,000. Bank of America Corp DE purchased a new position in shares of Enovix in the 2nd quarter worth approximately $8,356,000. Refined Wealth Management boosted its holdings in shares of Enovix by 0.7% in the 3rd quarter. Refined Wealth Management now owns 850,768 shares of the company’s stock worth $2,467,000 after purchasing an additional 5,918 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Enovix in the 2nd quarter worth approximately $3,551,000. Hedge funds and other 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.
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