Enovix (NASDAQ:ENVX) Hits New 1-Year Low - Time to Sell?

Key Points

• Enovix hit a new 52-week low of $5.01 (last $5.11) on heavy volume (~1.72M shares), with its 50- and 200-day moving averages at $6.92 and $8.77, indicating a clear downtrend.
• Analysts have trimmed targets but the consensus is a Moderate Buy with an average target of $14.95; six analysts rate Buy, three Hold and one Sell, including notable cuts to $10 (Craig Hallum, B. Riley) and $7.50 (TD Cowen).
• Fundamentals show a market cap of $1.09 billion, negative PE (-6.53), high liquidity (quick ~8.13, current ~8.34) and debt/equity of 1.90, as the company scales production of its 3D silicon‑anode lithium‑ion batteries.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $5.01 and last traded at $5.11, with a volume of 1722834 shares. The stock had previously closed at $5.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ENVX shares. Craig Hallum lowered their target price on shares of Enovix from $16.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. TD Cowen lowered their price objective on shares of Enovix from $15.00 to $7.50 and set a "hold" rating on the stock in a research report on Thursday, February 26th. Northland Securities set a $16.00 target price on shares of Enovix in a research report on Monday, November 17th. Oppenheimer reissued an "outperform" rating on shares of Enovix in a research note on Thursday, February 26th. Finally, B. Riley Financial dropped their price target on Enovix from $17.00 to $10.00 and set a "buy" rating for the company in a research note on Monday. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Enovix has an average rating of "Moderate Buy" and a consensus target price of $14.95.

Enovix Stock Performance

The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The company has a market cap of $1.09 billion, a PE ratio of -6.53 and a beta of 2.15. The business's 50-day moving average is $6.92 and its 200 day moving average is $8.77.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitlin John LLC acquired a new stake in Enovix during the third quarter worth about $27,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Enovix in the 4th quarter valued at about $30,000. Parallel Advisors LLC raised its holdings in Enovix by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company's stock worth $39,000 after purchasing an additional 1,342 shares during the period. CWM LLC boosted its position in Enovix by 95.4% during the fourth quarter. CWM LLC now owns 6,081 shares of the company's stock worth $44,000 after purchasing an additional 2,969 shares in the last quarter. Finally, Bowman & Co S.C. acquired a new stake in Enovix in the fourth quarter valued at approximately $73,000. 50.92% of the stock is currently 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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