Bank of New York Mellon Corp Invests $3.55 Million in Enovix Corporation $ENVX

Key Points

• Bank of New York Mellon acquired a new $3.55 million stake in Enovix during the second quarter, purchasing 585,070 shares and owning approximately 0.27% of the company. Institutional investors collectively hold 50.92% of Enovix.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $11.77, although some firms recently cut their targets and Bank of America maintained a neutral rating.
• Enovix reported better-than-expected quarterly results, including a $0.13 adjusted loss per share versus the $0.15 estimate and $9.02 million in revenue, up 20.8% year over year. Despite the revenue growth, the company remains unprofitable and its shares opened at $3.32, near their 52-week low.

Bank of New York Mellon Corp acquired a new stake in Enovix Corporation (NASDAQ:ENVX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 585,070 shares of the company's stock, valued at approximately $3,551,000. Bank of New York Mellon Corp owned 0.27% of Enovix at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Parallel Advisors LLC increased its position in Enovix by 51.9% during the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company's stock worth $39,000 after acquiring an additional 1,342 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Enovix in the 4th quarter valued at $30,000. CWM LLC grew its position 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 purchasing an additional 2,969 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Enovix in the 3rd quarter worth $80,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Enovix during the 3rd quarter worth about $100,000. Institutional investors and hedge funds own 50.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ENVX. Loop Capital raised shares of Enovix to a "strong-buy" rating in a research report on Monday, August 17th. Canaccord Genuity Group decreased their target price on Enovix from $15.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. Benchmark lowered their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 14th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Enovix in a report on Wednesday, July 8th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $5.00 price target on shares of Enovix in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.77.

Enovix Stock Performance

Enovix stock opened at $3.32 on Monday. The firm has a market capitalization of $728.57 million, a P/E ratio of -4.10 and a beta of 2.31. The stock has a fifty day moving average price of $4.35 and a two-hundred day moving average price of $5.54. Enovix Corporation has a 52-week low of $3.06 and a 52-week high of $14.21. The company has a debt-to-equity ratio of 2.46, a current ratio of 9.71 and a quick ratio of 9.37.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.02. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The company had revenue of $9.02 million for the quarter, compared to the consensus estimate of $8.43 million. During the same quarter in the previous year, the company earned ($0.13) EPS. The firm's revenue for the quarter was up 20.8% compared to the same quarter last year. Enovix has set its Q3 2026 guidance at -0.170--0.130 EPS. As a group, analysts anticipate that Enovix Corporation will post -0.8 EPS 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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