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

Key Points

• Wall Street Zen downgraded Enovix to “Strong Sell” from “Sell,” adding to mixed analyst sentiment. Despite the downgrade, MarketBeat’s consensus remains “Moderate Buy,” with an average price target of $11.77.
• Enovix shares opened at $3.38, near their 12-month low of $3.06 and well below the 12-month high of $14.21. The stock’s 50-day and 200-day moving averages were $4.99 and $5.74, respectively.
• The company beat quarterly expectations, reporting a loss of $0.13 per share versus the projected $0.15 loss and revenue of $9.02 million, up 20.8% year over year. However, Enovix continues to report substantial net losses and negative return on equity.

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

A number of other research analysts also recently weighed in on ENVX. Loop Capital upgraded shares of Enovix to a "strong-buy" rating in a research report on Monday, August 17th. Oppenheimer cut their target price on shares of Enovix from $24.00 to $21.00 and set an "outperform" rating for the company in a research report on Thursday, May 14th. TD Cowen decreased their target price on shares of Enovix from $7.00 to $5.50 and set a "hold" rating for the company in a research note on Friday, July 24th. JPMorgan Chase & Co. cut Enovix from a "neutral" rating to an "underweight" rating in a report on Wednesday, May 6th. Finally, B. Riley Financial dropped their price target on Enovix from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.77.

Enovix Stock Up 3.4%

Enovix stock opened at $3.38 on Friday. The firm has a market cap of $741.74 million, a price-to-earnings ratio of -4.17 and a beta of 2.32. The stock has a fifty day simple moving average of $4.99 and a two-hundred day simple moving average of $5.74. Enovix has a 12 month low of $3.06 and a 12 month high of $14.21. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%.The firm had revenue of $9.02 million for the quarter, compared to the consensus estimate of $8.43 million. During the same period in the prior year, the company posted ($0.13) earnings per share. The company'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 analysts predict that Enovix will post -0.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Enovix during the second quarter valued at about $100,054,000. Vanguard Group Inc. increased its holdings in Enovix by 10.9% in the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company's stock worth $129,831,000 after acquiring an additional 1,747,145 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Enovix in the 2nd quarter worth approximately $8,689,000. Bank of America Corp DE bought a new stake in Enovix during the 2nd quarter worth approximately $8,356,000. Finally, Millennium Management LLC raised its stake in Enovix by 1,038.9% during the 3rd quarter. Millennium Management LLC now owns 1,476,879 shares of the company's stock worth $14,724,000 after acquiring an additional 1,347,200 shares during the period. 50.92% of the stock is owned by institutional investors.

Enovix Company Profile

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.

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