Enovix (NASDAQ:ENVX) Shares Down 6.5% – Here’s Why
by Kim Johansen · The Markets DailyEnovix Corporation (NASDAQ:ENVX – Get Free Report) shares traded down 6.5% during trading on Wednesday . The company traded as low as $3.25 and last traded at $3.2450. 2,775,532 shares traded hands during trading, a decline of 58% from the average daily volume of 6,632,543 shares. The stock had previously closed at $3.47.
Analysts Set New Price Targets
A number of research analysts have issued reports on ENVX shares. Craig Hallum set a $7.00 target price on shares of Enovix in a report on Thursday, August 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research note on Wednesday, July 8th. Oppenheimer lowered 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. Benchmark reduced their price target on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $25.00 price objective on shares of Enovix in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $11.77.
View Our Latest Stock Analysis on ENVX
Enovix Trading Down 7.3%
The firm has a market capitalization of $705.53 million, a PE ratio of -3.97 and a beta of 2.31. The firm has a fifty day moving average of $4.24 and a 200 day moving average of $5.50. The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71.
Enovix (NASDAQ:ENVX – Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $9.02 million for the quarter, compared to the consensus estimate of $8.43 million. During the same quarter in the previous year, the firm posted ($0.13) EPS. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. Equities research analysts expect that Enovix Corporation will post -0.8 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Enovix in the 4th quarter worth approximately $30,000. Parallel Advisors LLC increased its holdings in shares of Enovix by 51.9% during the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock valued at $39,000 after purchasing an additional 1,342 shares during the period. CWM LLC raised its stake in shares of Enovix by 95.4% during the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after purchasing an additional 2,969 shares in the last quarter. Calamos Advisors LLC bought a new stake in shares of Enovix during the first quarter valued at about $60,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in Enovix in the second quarter worth about $61,000. 50.92% of the stock is owned by institutional investors and hedge funds.
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.