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

Enovix Corporation (NASDAQ:ENVX)’s share price was 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. 2,757,417 shares were traded during mid-day 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 equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut Enovix from a “neutral” rating to an “underweight” rating in a research note on Wednesday, May 6th. Craig Hallum cut their price objective on Enovix from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Benchmark reduced their target price on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Enovix from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.50.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock valued at $129,831,000 after purchasing an additional 1,747,145 shares in the last quarter. Millennium Management LLC increased its position in Enovix by 1,038.9% in the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock valued at $14,724,000 after buying an additional 1,347,200 shares in the last quarter. Two Sigma Investments LP raised its stake in Enovix by 9,197.1% during the 3rd quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock worth $11,974,000 after buying an additional 1,188,079 shares during the period. Barclays PLC raised its stake in Enovix by 263.1% during the 4th quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock worth $11,345,000 after buying an additional 1,124,480 shares during the period. Finally, Electron Capital Partners LLC boosted its holdings in Enovix by 13.8% in the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock worth $80,143,000 after acquiring an additional 972,103 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Trading Down 9.0%

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 firm has a fifty day simple moving average of $6.21 and a 200-day simple moving average of $6.25. The firm has a market cap of $861.69 million, a P/E ratio of -4.76 and a beta of 2.26.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Enovix had a negative return on equity of 64.28% and a negative net margin of 499.64%.The firm had revenue of $7.60 million during the quarter, compared to the consensus estimate of $6.95 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The company’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. On average, equities research analysts expect that Enovix Corporation will post -0.79 earnings per share for the current year.

About Enovix

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.