Enovix (NASDAQ:ENVX) Issues Quarterly Earnings Results

Key Points

• Enovix reported a quarterly earnings per share (EPS) of ($0.13), surpassing estimates of ($0.15), with revenues of $7.50 million up 98.2% year-over-year.
• The company updated its guidance for Q3 2025 EPS to a range of (-0.180)--(-0.140).
• Enovix initiated a $60 million stock buyback program to repurchase up to 3.1% of its outstanding shares, indicating management believes the stock is undervalued.

Enovix (NASDAQ:ENVX - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02, Briefing.com reports. Enovix had a negative net margin of 481.35% and a negative return on equity of 72.83%. The firm had revenue of $7.50 million during the quarter, compared to analysts' expectations of $5.48 million. During the same period in the prior year, the company posted ($0.14) EPS. The company's revenue was up 98.2% on a year-over-year basis. Enovix updated its Q3 2025 guidance to -0.180--0.140 EPS.

Enovix Stock Performance

NASDAQ:ENVX traded down $2.70 during midday trading on Friday, hitting $10.70. The company's stock had a trading volume of 24,263,913 shares, compared to its average volume of 10,370,709. The firm has a market cap of $2.05 billion, a P/E ratio of -12.74 and a beta of 2.11. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The firm's 50 day moving average is $10.99 and its 200-day moving average is $9.38. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.68 and a quick ratio of 4.49.

Analysts Set New Price Targets

ENVX has been the topic of several research analyst reports. Craig Hallum reissued a "buy" rating and set a $15.00 target price (up from $12.00) on shares of Enovix in a research note on Tuesday, July 8th. TD Cowen raised shares of Enovix to a "hold" rating and raised their price objective for the company from $7.00 to $15.00 in a research note on Monday, July 7th. B. Riley reaffirmed a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Enovix in a research note on Thursday, July 10th. Benchmark raised their price objective on shares of Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $12.00 price objective (up from $9.00) on shares of Enovix in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Enovix currently has a consensus rating of "Hold" and a consensus target price of $18.60.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of ENVX. Goldman Sachs Group Inc. lifted its stake in Enovix by 65.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company's stock worth $8,351,000 after purchasing an additional 449,934 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Enovix by 18.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company's stock valued at $2,628,000 after buying an additional 55,676 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Enovix by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,318 shares of the company's stock valued at $722,000 after buying an additional 4,780 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Enovix by 10.4% in the first quarter. NewEdge Advisors LLC now owns 26,257 shares of the company's stock valued at $193,000 after buying an additional 2,481 shares during the last quarter. Finally, Caxton Associates LLP purchased a new stake in Enovix in the first quarter valued at approximately $190,000. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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 generally an indication that the company's management believes its shares are undervalued.

About Enovix

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.

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