Enovix (NASDAQ:ENVX) Price Target Cut to $5.50 by Analysts at TD Cowen

Key Points

• TD Cowen cut Enovix’s price target from $7.00 to $5.50 and kept a hold rating, implying about 37.7% upside from the stock’s current price.
• Enovix shares fell 7.9% to $4.00 on Friday, near the stock’s 52-week low of $3.97 and well below its 50-day and 200-day moving averages.
• The company recently beat quarterly EPS and revenue expectations, but it remains unprofitable, and analysts overall still rate the stock Hold with a consensus target price of $12.50.

Enovix (NASDAQ:ENVX - Get Free Report) had its price objective dropped by investment analysts at TD Cowen from $7.00 to $5.50 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. TD Cowen's price objective suggests a potential upside of 37.67% from the stock's current price.

Several other equities analysts have also weighed in on the company. JPMorgan Chase & Co. lowered Enovix from a "neutral" rating to an "underweight" rating in a research note on Wednesday, May 6th. Craig Hallum cut their target price on shares of Enovix from $10.00 to $8.00 and set a "buy" rating on the stock in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of Enovix from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Benchmark decreased their price target on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Enovix in a report on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $12.50.

Enovix Trading Down 7.9%

Enovix stock traded down $0.34 during trading on Friday, reaching $4.00. The company had a trading volume of 4,540,706 shares, compared to its average volume of 6,382,549. Enovix has a 12-month low of $3.97 and a 12-month high of $15.40. The company has a debt-to-equity ratio of 2.14, a quick ratio of 10.65 and a current ratio of 10.97. The stock's 50 day moving average price is $6.25 and its two-hundred day moving average price is $6.27. The firm has a market capitalization of $871.51 million, a price-to-earnings ratio of -4.84 and a beta of 2.26.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.01. The company had revenue of $7.60 million for the quarter, compared to analyst estimates of $6.95 million. Enovix had a negative net margin of 499.64% and a negative return on equity of 64.28%. Enovix's revenue for the quarter was up 49.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.15) EPS. Enovix has set its Q2 2026 guidance at -0.170--0.130 EPS. As a group, equities analysts expect that Enovix will post -0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enovix

A number of large investors have recently added to or reduced their stakes in ENVX. Harbor Investment Advisory LLC lifted its holdings in Enovix by 32.5% in the 2nd quarter. Harbor Investment Advisory LLC now owns 18,740 shares of the company's stock worth $114,000 after buying an additional 4,600 shares in the last quarter. NewEdge Advisors LLC boosted its position in Enovix by 4.7% in the 1st quarter. NewEdge Advisors LLC now owns 41,460 shares of the company's stock valued at $215,000 after buying an additional 1,853 shares during the last quarter. Edgestream Partners L.P. grew its stake in shares of Enovix by 12.3% during the first quarter. Edgestream Partners L.P. now owns 229,286 shares of the company's stock valued at $1,188,000 after acquiring an additional 25,159 shares in the last quarter. Amundi increased its position in shares of Enovix by 6.3% during the first quarter. Amundi now owns 254,160 shares of the company's stock worth $1,317,000 after acquiring an additional 15,126 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Enovix by 49.8% during the first quarter. California State Teachers Retirement System now owns 253,039 shares of the company's stock worth $1,311,000 after acquiring an additional 84,134 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

About Enovix

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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