Enovix (NASDAQ:ENVX) Downgraded by Craig Hallum to "Hold"

Enovix (NASDAQ:ENVX - Get Free Report) was downgraded by equities research analysts at Craig Hallum from a "buy" rating to a "hold" rating in a note issued to investors on Friday, Briefing.com reports. They presently have a $2.00 price target on the stock. Craig Hallum's price target suggests a potential upside of 11.11% from the stock's previous close.

ENVX has been the subject of a number of other research reports. Northland Securities set a $4.00 target price on Enovix in a report on Tuesday, October 13th. Wall Street Zen lowered shares of Enovix from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 31st. Canaccord Genuity Group cut their price objective on Enovix from $12.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 price target on shares of Enovix in a research note on Thursday, August 13th. Finally, Bank of America reissued a "neutral" rating and issued a $4.00 target price on shares of Enovix in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Enovix presently has an average rating of "Hold" and an average target price of $8.32.

Enovix Stock Down 28.9%

Shares of NASDAQ:ENVX opened at $1.80 on Friday. Enovix has a 1 year low of $1.78 and a 1 year high of $9.19. The company has a market cap of $395.01 million, a PE ratio of -2.22 and a beta of 2.34. The company has a debt-to-equity ratio of 2.46, a current ratio of 9.71 and a quick ratio of 9.37. The stock's 50-day moving average is $2.82 and its 200 day moving average is $4.93.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Friday, November 13th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.05. The business had revenue of $11.04 million during the quarter. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. Sell-side analysts anticipate that Enovix will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently modified their holdings of the business. First Trust Advisors LP raised its holdings in Enovix by 32.3% in the 3rd quarter. First Trust Advisors LP now owns 774,813 shares of the company's stock worth $2,247,000 after purchasing an additional 188,954 shares during the period. HighTower Advisors LLC grew its holdings in Enovix by 18.9% during the third quarter. HighTower Advisors LLC now owns 70,900 shares of the company's stock valued at $206,000 after purchasing an additional 11,285 shares during the period. Vista Capital Partners Inc. bought a new stake in Enovix during the third quarter valued at about $284,000. Fulcrum Asset Management LLP increased its position in Enovix by 69.8% in the third quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company's stock worth $124,000 after buying an additional 18,523 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in Enovix by 58.0% in the third quarter. Oppenheimer & Co. Inc. now owns 454,446 shares of the company's stock worth $1,318,000 after buying an additional 166,892 shares in the last quarter. Institutional investors own 50.92% of the company's stock.

Trending Headlines about Enovix

Here are a few of the latest headlines about ENVX:

• Positive Sentiment: The company reported $512.2 million in cash and related holdings at quarter-end and retired $128 million face value of convertible notes for about $81.4 million, strengthening its balance-sheet position. Article
• Neutral Sentiment: Call-option trading was unusually active, with 17,357 calls traded—24% above the average daily volume. This indicates elevated trading interest but does not establish a directional outlook.
• Negative Sentiment: Two law firms announced investigations into whether Enovix misled investors about the readiness of its AI-1 silicon-anode cells for phone qualification. These are investigations, not findings of wrongdoing, but the allegations may add uncertainty about a key growth opportunity. Article

Enovix Company Profile

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company's batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.

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