Enovix (NASDAQ:ENVX) Rating Lowered to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Enovix to “strong sell” from “sell,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $10.77.
• Enovix shares opened at $3.15, near the lower end of their 12-month range of $2.20 to $12.40. The company remains unprofitable, reporting a negative net margin of 473.89%, although quarterly revenue rose 20.8% year over year to $9.02 million.
• Institutional investors own 50.92% of Enovix, with several funds recently increasing their positions. The company also announced a 5-for-4 stock split scheduled for November 13.

Enovix (NASDAQ:ENVX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on ENVX. TD Cowen raised Enovix to a "hold" rating in a research note on Monday, October 5th. Loop Capital raised Enovix to a "strong-buy" rating in a research note on Monday, August 17th. Canaccord Genuity Group dropped their price target on Enovix from $15.00 to $10.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. Cantor Fitzgerald restated an "overweight" rating and set a $25.00 price target on shares of Enovix in a report on Thursday, August 13th. Finally, Craig Hallum set a $7.00 price objective on shares of Enovix in a research report on Thursday, August 13th. One equities research 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 issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.77.

Enovix Price Performance

Shares of NASDAQ ENVX opened at $3.15 on Friday. The company has a market capitalization of $691.27 million, a PE ratio of -3.89 and a beta of 2.49. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. Enovix has a twelve month low of $2.20 and a twelve month high of $12.40. The firm has a fifty day simple moving average of $2.95 and a 200 day simple moving average of $5.16.

Enovix shares are set to split on Friday, November 13th. The 5-4 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Thursday, November 12th.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $9.02 million for the quarter, compared to analysts' expectations of $8.43 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The business's quarterly revenue was up 20.8% compared to the same quarter last year. Enovix has set its Q3 2026 guidance at -0.170--0.130 EPS. On average, sell-side analysts forecast that Enovix will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC increased its holdings in shares of Enovix by 4.7% in the first quarter. NewEdge Advisors LLC now owns 41,460 shares of the company's stock worth $215,000 after purchasing an additional 1,853 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Enovix by 27.8% in the first quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company's stock worth $71,000 after buying an additional 3,001 shares in the last quarter. Harbor Investment Advisory LLC boosted its stake in Enovix by 32.5% during the second quarter. Harbor Investment Advisory LLC now owns 18,740 shares of the company's stock valued at $114,000 after buying an additional 4,600 shares during the last quarter. Refined Wealth Management boosted its stake in Enovix by 0.7% during the third quarter. Refined Wealth Management now owns 850,768 shares of the company's stock valued at $2,467,000 after buying an additional 5,918 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in Enovix by 23.5% during the first quarter. Pictet Asset Management Holding SA now owns 33,287 shares of the company's stock valued at $172,000 after buying an additional 6,338 shares during the last quarter. Institutional investors own 50.92% of the company's stock.

About Enovix

Enovix Corporation is a battery technology company that develops lithium-ion batteries using a silicon-anode architecture. Its approach is designed to increase energy density while maintaining safety and cycle-life characteristics through a three-dimensional cell design and a mechanical constraint system that helps manage silicon expansion during charging.

The company's products are intended for applications that require compact, high-performance power sources, including consumer electronics, wearable devices, Internet of Things equipment, industrial products, and defense and aerospace systems.

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