Enovix (NASDAQ:ENVX) Stock Price Down 8.1% Following Analyst Downgrade

Enovix Corporation (NASDAQ:ENVX)’s stock price dropped 8.1% 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 changed hands 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.

ENVX has been the topic of a number of other reports. Craig Hallum lowered 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. Oppenheimer reduced their target price on shares of Enovix from $24.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Wall Street Zen raised Enovix from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Benchmark decreased their price target on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research note on Wednesday, July 8th. Six investment 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Cauble & Harre Wealth Management Inc. purchased a new stake in Enovix in the fourth quarter worth about $1,012,000. Vanguard Group Inc. grew its stake in shares of Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after acquiring an additional 1,747,145 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in shares of Enovix by 117.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 538,190 shares of the company’s stock valued at $3,934,000 after acquiring an additional 290,916 shares in the last quarter. Virtu Financial LLC purchased a new position in Enovix in the 4th quarter worth about $848,000. Finally, CenterBook Partners LP boosted its holdings in Enovix by 66.1% in the fourth quarter. CenterBook Partners LP now owns 1,757,382 shares of the company’s stock worth $12,846,000 after purchasing an additional 699,519 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Down 9.0%

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

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.14) EPS for the quarter, topping 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 analyst estimates of $6.95 million. During the same period in the prior year, the business posted ($0.15) EPS. Enovix’s 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, research analysts anticipate that Enovix Corporation will post -0.79 earnings per share for the current fiscal year.

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.