Enovix Corporation (NASDAQ:ENVX – Get Free Report)’s share price reached a new 52-week low on Tuesday. The stock traded as low as $2.33 and last traded at $2.35, with a volume of 7,421,824 shares traded. The stock had previously closed at $2.49.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on ENVX shares. Northland Securities set a $5.00 price objective on Enovix in a research report on Tuesday, October 13th. B. Riley Financial reduced their target price on Enovix from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Wall Street Zen upgraded Enovix from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 11th. Craig Hallum set a $7.00 target price on Enovix in a research note on Thursday, August 13th. Finally, TD Cowen upgraded Enovix to a “hold” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.77.
Read Our Latest Stock Report on Enovix
Enovix Trading Down 5.6%
The firm’s 50-day simple moving average is $3.13 and its 200-day simple moving average is $4.99. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. The firm has a market capitalization of $515.71 million, a PE ratio of -2.90 and a beta of 2.49.
Enovix (NASDAQ:ENVX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The firm 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% compared to the same quarter last year. During the same period last year, the firm earned ($0.13) earnings per share. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. Equities analysts expect that Enovix Corporation will post -0.79 earnings per share for the current year.
Hedge Funds Weigh In On Enovix
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Enovix in the second quarter valued at approximately $100,054,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Enovix during the second quarter valued at approximately $8,689,000. Bank of America Corp DE bought a new position in shares of Enovix in the second quarter worth approximately $8,356,000. Bank of New York Mellon Corp bought a new position in shares of Enovix in the second quarter worth approximately $3,551,000. Finally, Deutsche Bank AG bought a new position in shares of Enovix in the second quarter worth approximately $3,343,000. 50.92% of the stock is currently owned by institutional investors.
About Enovix
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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