Enovix (NASDAQ:ENVX) Shares Gap Down - What's Next?

Key Points

• Enovix Corporation's shares gapped down significantly from a previous close of $9.15 to an opening price of $7.89, trading at $8.12 with substantial volume on Thursday.
• Analysts have set mixed price targets for Enovix, with estimates ranging from $15.00 to $25.00, but the stock currently holds a "moderate buy" rating overall.
• The company recently initiated a $60 million stock repurchase plan, indicating management's belief that the stock is undervalued despite recent declines in share price.

Shares of Enovix Corporation (NASDAQ:ENVX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $9.15, but opened at $7.89. Enovix shares last traded at $8.12, with a volume of 10,795,469 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price objective (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Cowen reissued a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Craig Hallum reaffirmed a "buy" rating and set a $15.00 target price (up previously from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Canaccord Genuity Group boosted their target price on shares of Enovix from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Wall Street Zen cut shares of Enovix from a "hold" rating to a "sell" rating in a research report on Saturday, September 6th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Enovix presently has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Enovix Price Performance

The stock has a market capitalization of $1.75 billion, a P/E ratio of -10.60 and a beta of 2.09. The business's 50 day simple moving average is $11.61 and its two-hundred day simple moving average is $9.11. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.15) by $0.02. The firm had revenue of $7.50 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 98.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.14) earnings per share. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. As a group, sell-side analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Enovix announced that its Board of Directors has approved a stock buyback plan on Wednesday, July 2nd that permits the company to repurchase $60.00 million in shares. This repurchase authorization permits the company to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Enovix

Large investors have recently added to or reduced their stakes in the stock. Stone House Investment Management LLC purchased a new stake in Enovix during the first quarter worth about $37,000. Sava Infond d.o.o. lifted its position in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock valued at $44,000 after purchasing an additional 2,000 shares during the last quarter. Parallel Advisors LLC lifted its position in Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock valued at $55,000 after purchasing an additional 3,849 shares during the last quarter. HBK Sorce Advisory LLC bought a new stake in Enovix during the first quarter valued at approximately $74,000. Finally, Calamos Wealth Management LLC bought a new stake in Enovix during the second quarter valued at approximately $104,000. Hedge funds and other institutional investors own 50.92% of the company's stock.

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.