Enovix (NASDAQ:ENVX) Stock Price Down 7.1% - Should You Sell?

Key Points

• Shares fell 7.1% intraday to about $8.07 (low $8.13) on roughly 952,123 shares traded, which was an 82% drop from its average daily volume.
• Analyst sentiment is mixed—five Buys, four Holds and one Sell—giving a consensus rating of "Hold" with an average price target of $17.50.
• Fundamentals show the company is still unprofitable: Q report EPS of -$0.13, revenue $7.47M, a negative net margin (~-525.9%) and negative ROE, with analysts forecasting about -1.01 EPS for the year; market cap is ~$1.76B.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) shares dropped 7.1% during trading on Wednesday . The company traded as low as $8.13 and last traded at $8.0650. Approximately 952,123 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 5,307,417 shares. The stock had previously closed at $8.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ENVX shares. Canaccord Genuity Group dropped their target price on shares of Enovix from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, November 6th. Oppenheimer set a $24.00 price target on Enovix in a research report on Thursday, November 6th. Cantor Fitzgerald cut their price objective on Enovix from $30.00 to $25.00 and set an "overweight" rating for the company in a research report on Thursday, November 6th. JPMorgan Chase & Co. reduced their target price on Enovix from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Wednesday, November 12th. Finally, Northland Securities set a $16.00 price target on Enovix in a research note on Monday, November 17th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $17.50.

Enovix Price Performance

The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -10.08 and a beta of 2.13. The company's 50-day simple moving average is $8.52 and its 200-day simple moving average is $10.37. The company has a debt-to-equity ratio of 1.74, a current ratio of 9.72 and a quick ratio of 9.47.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its earnings results on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $7.47 million for the quarter. Enovix had a negative return on equity of 61.78% and a negative net margin of 525.93%. Research analysts forecast that Enovix Corporation will post -1.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enovix

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in Enovix by 7.6% during the third quarter. Principal Financial Group Inc. now owns 12,613 shares of the company's stock worth $126,000 after acquiring an additional 895 shares during the period. Franklin Resources Inc. grew its position in shares of Enovix by 1.1% during the 2nd quarter. Franklin Resources Inc. now owns 96,239 shares of the company's stock worth $995,000 after purchasing an additional 1,093 shares in the last quarter. tru Independence LLC grew its position in shares of Enovix by 0.4% during the 2nd quarter. tru Independence LLC now owns 295,690 shares of the company's stock worth $3,057,000 after purchasing an additional 1,155 shares in the last quarter. Intellectus Partners LLC increased its holdings in shares of Enovix by 1.2% during the second quarter. Intellectus Partners LLC now owns 103,522 shares of the company's stock worth $1,070,000 after purchasing an additional 1,200 shares during the period. Finally, Private Advisor Group LLC raised its position in shares of Enovix by 2.7% in the third quarter. Private Advisor Group LLC now owns 46,519 shares of the company's stock valued at $464,000 after buying an additional 1,242 shares in the last quarter. Institutional investors own 50.92% of the company's stock.

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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