Enovix (NASDAQ:ENVX) Stock Price Down 8.1% After Analyst Downgrade

Key Points

• Enovix shares fell 8.1% after TD Cowen cut its price target from $7.00 to $5.50 and kept a hold rating. The stock traded as low as $4.00 during the session.
• Other analysts have also turned cautious on the company, with JPMorgan downgrading Enovix to underweight and several firms trimming price targets. MarketBeat says the stock’s consensus rating remains Hold with an average target price of $12.50.
• Despite the selloff, Enovix recently beat quarterly EPS and revenue estimates, though it remains unprofitable with a large negative net margin. The company guided Q2 2026 EPS to a loss of $0.17 to $0.13 per share.

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price fell 8.1% during mid-day trading on Friday after TD Cowen lowered their price target on the stock from $7.00 to $5.50. TD Cowen currently has a hold rating on the stock. Enovix traded as low as $4.00 and last traded at $3.9890. 2,757,417 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 6,366,392 shares. The stock had previously closed at $4.34.

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

Hedge Funds Weigh In On Enovix

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new stake in Enovix in the 4th quarter worth approximately $30,000. Parallel Advisors LLC increased its holdings in shares of Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company's stock valued at $39,000 after purchasing an additional 1,342 shares during the period. CWM LLC increased its holdings in Enovix by 95.4% in the 4th quarter. CWM LLC now owns 6,081 shares of the company's stock worth $44,000 after buying an additional 2,969 shares during the period. Calamos Advisors LLC purchased a new stake in shares of Enovix in the 1st quarter valued at $60,000. Finally, Gateway Wealth Partners LLC acquired a new stake in shares of Enovix in the first quarter worth $68,000. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Trading Down 7.7%

The company has a debt-to-equity ratio of 2.14, a current ratio of 10.97 and a quick ratio of 10.65. The company's fifty day moving average is $6.25 and its 200-day moving average is $6.27. The stock has a market cap of $873.69 million, a PE ratio of -4.85 and a beta of 2.26.

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

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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