Enovix Corporation (NASDAQ:ENVX) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Enovix Corporation is rated as a "Moderate Buy" by ten analysts, with an average target price of $17.00.
• The company reported a significant revenue increase of 98.2% year-over-year, reaching $7.50 million, and exceeded earnings expectations.
• Enovix has approved a $60 million share repurchase program to reacquire up to 3.1% of its shares, signaling confidence in the stock's undervaluation.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) has been assigned an average rating of "Moderate Buy" from the ten ratings firms that are covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $17.00.

ENVX has been the topic of several research analyst reports. B. Riley restated a "buy" rating and set a $17.00 target price (up previously from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Benchmark increased their price objective on shares of Enovix from $15.00 to $25.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Craig Hallum reiterated a "buy" rating and issued a $15.00 price objective (up previously from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. Wall Street Zen cut shares of Enovix from a "hold" rating to a "sell" rating in a research note on Saturday, September 6th. Finally, Canaccord Genuity Group increased their price objective on shares of Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, August 4th.

Hedge Funds Weigh In On Enovix

Institutional investors have recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC bought a new stake in Enovix during the 2nd quarter worth approximately $13,206,000. Electron Capital Partners LLC raised its stake in Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock worth $49,272,000 after acquiring an additional 1,054,029 shares during the period. CenterBook Partners LP raised its stake in Enovix by 71.0% during the 1st quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after acquiring an additional 721,309 shares during the period. Goldman Sachs Group Inc. raised its stake in Enovix by 65.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after acquiring an additional 449,934 shares during the period. Finally, Nuveen LLC bought a new stake in Enovix during the 1st quarter worth approximately $3,030,000. Institutional investors own 50.92% of the company's stock.

Enovix Stock Performance

ENVX traded up $0.14 during midday trading on Monday, hitting $8.14. 8,756,268 shares of the company traded hands, compared to its average volume of 7,330,006. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $1.60 billion, a PE ratio of -9.69 and a beta of 2.08. The company's 50-day moving average is $11.69 and its 200 day moving average is $9.12. Enovix has a 52 week low of $5.27 and a 52 week high of $16.49.

Enovix (NASDAQ:ENVX - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. The business had revenue of $7.50 million for the quarter, compared to analysts' expectations of $5.48 million. Enovix had a negative net margin of 481.35% and a negative return on equity of 73.88%. The business's revenue for the quarter was up 98.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) EPS. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, research analysts expect that Enovix will post -1.01 EPS for the current year.

Enovix declared that its Board of Directors has authorized a stock buyback program on Wednesday, July 2nd that allows the company to repurchase $60.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Enovix Company Profile

Enovix Corporation designs develops and manufactures silicon-anode lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.