Enovix (NASDAQ:ENVX) Trading Up 6.5% - What's Next?

Key Points

• Enovix Corporation's stock price increased by 6.5% on Monday, reaching $8.67, though trading volume was 64% lower than average.
• Analysts have a mixed outlook on the stock; with target prices ranging from $12.00 to $25.00, and a consensus rating of "Moderate Buy".
• The company reported a quarterly revenue of $7.50 million, significantly above analyst expectations, along with a share buyback plan authorizing $60 million in repurchases, indicating potential undervaluation.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) was up 6.5% on Monday . The stock traded as high as $8.67 and last traded at $8.67. Approximately 2,397,984 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 6,627,804 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ENVX shares. B. Riley reaffirmed a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a research report on Thursday, July 10th. Cowen reissued a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price target (up from $9.00) on shares of Enovix in a report on Thursday, July 24th. Craig Hallum reissued a "buy" rating and set a $15.00 price target (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, Wall Street Zen lowered Enovix from a "hold" rating to a "sell" rating in a report on Saturday, September 6th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $17.00.

Enovix Price Performance

The stock has a 50 day moving average of $11.27 and a two-hundred day moving average of $9.14. The stock has a market cap of $1.98 billion, a PE ratio of -12.01 and a beta of 2.08. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.11 and a current ratio of 4.37.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The firm had revenue of $7.50 million for the quarter, compared to analysts' expectations of $5.48 million. During the same quarter last year, the business posted ($0.14) EPS. Enovix's revenue was up 98.2% on a year-over-year basis. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. Equities analysts anticipate that Enovix Corporation will post -1.01 EPS for the current year.

Enovix announced that its board has authorized a stock buyback program on Wednesday, July 2nd that authorizes the company to repurchase $60.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Electron Capital Partners LLC increased its position in shares of Enovix by 5.3% during the second quarter. Electron Capital Partners LLC now owns 7,066,293 shares of the company's stock valued at $73,065,000 after purchasing an additional 353,530 shares during the period. Geode Capital Management LLC lifted its position in shares of Enovix by 1.4% during the second quarter. Geode Capital Management LLC now owns 3,976,433 shares of the company's stock worth $41,122,000 after purchasing an additional 55,506 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Enovix by 1.8% during the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock worth $17,055,000 after purchasing an additional 41,559 shares in the last quarter. Fred Alger Management LLC raised its position in shares of Enovix by 21.5% during the first quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock worth $16,393,000 after acquiring an additional 394,532 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Enovix by 1.5% during the fourth quarter. Royal Bank of Canada now owns 1,933,073 shares of the company's stock worth $21,012,000 after acquiring an additional 28,591 shares during the last quarter. 50.92% of the stock is owned by institutional investors.

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.