Enovix (NASDAQ:ENVX) Stock Rating Lowered by Oppenheimer

Key Points

• Oppenheimer downgraded Enovix from “outperform” to “market perform.” Across analysts, the stock carries an average “hold” rating and an average price target of $7.80.
• Enovix shares fell 28.9% and opened at $1.80, close to the stock’s one-year low of $1.78.
• Enovix reported a quarterly loss of $0.15 per share, narrower than analysts’ expected $0.20 loss, on revenue of $11.04 million. The company remains loss-making, and its reported Q4 revenue outlook of $9 million–$10 million is below Q3 revenue.

Enovix (NASDAQ:ENVX - Get Free Report) was downgraded by Oppenheimer from an "outperform" rating to a "market perform" rating in a report released on Friday, Briefing.com reports.

Several other analysts have also commented on ENVX. William Blair lowered Enovix from an "outperform" rating to a "market perform" rating in a research note on Monday, August 17th. TD Cowen upgraded Enovix to a "hold" rating in a research note on Monday, October 5th. Canaccord Genuity Group dropped their price objective on Enovix from $12.00 to $8.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Northland Securities set a $4.00 price objective on Enovix in a report on Tuesday, October 13th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Enovix in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $7.80.

Enovix Stock Down 28.9%

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

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, beating the consensus estimate of ($0.20) by $0.05. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. The company had revenue of $11.04 million for the quarter. Equities analysts forecast that Enovix will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Enovix in the second quarter worth $100,054,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Enovix during the second quarter worth $8,689,000. Bank of America Corp DE acquired a new stake in shares of Enovix in the second quarter valued at $8,356,000. Bank of New York Mellon Corp acquired a new stake in shares of Enovix in the second quarter valued at $3,551,000. Finally, Deutsche Bank AG acquired a new stake in shares of Enovix in the second quarter valued at $3,343,000. Institutional investors own 50.92% of the company's stock.

Recent Enovix Headlines

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
• Negative Sentiment: Enovix remains loss-making, and its Q4 revenue forecast of $9 million–$10 million is below Q3’s reported revenue, raising near-term execution concerns. Article
• 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

About Enovix

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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