Enovix (NASDAQ:ENVX) Trading Up 7.8% - Still a Buy?

Key Points

• Enovix Corporation's stock rose by 7.8%, reaching a price of $11.98, with overall trading volume down by 45% compared to its average daily volume.
• Research firms provided varying ratings: Benchmark upgraded the price target to $25, while Wall Street Zen downgraded it to a "sell," reflecting mixed analyst sentiments with a consensus rating of "Moderate Buy."
• Enovix reported a 98.2% increase in revenue year-over-year, earning $7.50 million despite a negative EPS of ($0.13), outperforming analyst expectations.

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s share price was up 7.8% on Thursday . The stock traded as high as $11.84 and last traded at $11.98. Approximately 3,658,707 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 6,698,580 shares. The stock had previously closed at $11.11.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ENVX. Cowen restated a "hold" rating on shares of Enovix in a research report on Tuesday, July 8th. Benchmark upped their price target on shares of Enovix from $15.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wall Street Zen lowered shares of Enovix from a "hold" rating to a "sell" rating in a research report on Saturday, September 6th. TD Cowen upgraded shares of Enovix to a "hold" rating and upped their price target for the company from $7.00 to $15.00 in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $12.00 price target (up previously from $9.00) on shares of Enovix in a research report on Thursday, July 24th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Enovix has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Stock Performance

The company has a market capitalization of $2.32 billion, a PE ratio of -14.07 and a beta of 2.08. The business's 50-day moving average is $10.53 and its 200-day moving average is $9.27. 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 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 business had revenue of $7.50 million during 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%. Enovix's revenue was up 98.2% compared to the same quarter last year. During the same period last year, the business earned ($0.14) EPS. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, research analysts anticipate that Enovix Corporation will post -1.01 earnings per share for the current year.

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

Institutional Trading of Enovix

Large investors have recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC bought a new stake in shares of Enovix in the second quarter worth approximately $13,206,000. Refined Wealth Management boosted its holdings in shares of Enovix by 18.8% in the first quarter. Refined Wealth Management now owns 675,449 shares of the company's stock worth $4,958,000 after buying an additional 106,843 shares during the last quarter. CenterBook Partners LP boosted its holdings in shares of Enovix by 71.0% in the first quarter. CenterBook Partners LP now owns 1,736,570 shares of the company's stock worth $12,746,000 after buying an additional 721,309 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Enovix by 1.8% in the first quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock worth $17,055,000 after buying an additional 41,559 shares during the last quarter. Finally, L & S Advisors Inc boosted its holdings in shares of Enovix by 50.6% in the first quarter. L & S Advisors Inc now owns 191,975 shares of the company's stock worth $1,409,000 after buying an additional 64,471 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors.

About Enovix

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.

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