BlackRock Inc. Takes Position in Enovix Corporation $ENVX

Key Points

• BlackRock acquired 16.48 million Enovix shares worth approximately $100.1 million, giving it a 7.56% stake. Institutional investors collectively owned 50.92% of the company.
• Enovix shares opened at $3.36, down 6.4%, and remain near their one-year low of $3.06. The battery maker reported better-than-expected quarterly results, with $9.02 million in revenue and an EPS loss of $0.13.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an $11.77 price target. Recent actions included a target reduction by Canaccord Genuity and downgrades from William Blair and Wall Street Zen.

BlackRock Inc. bought a new stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,483,412 shares of the company's stock, valued at approximately $100,054,000. BlackRock Inc. owned approximately 7.56% of Enovix at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG acquired a new stake in Enovix during the 2nd quarter valued at $3,343,000. Wealth Effects LLC acquired a new position in Enovix in the 2nd quarter worth $1,505,000. Cauble & Harre Wealth Management Inc. purchased a new position in Enovix in the 4th quarter valued at about $1,012,000. Vanguard Group Inc. boosted its position in Enovix by 10.9% in the 4th quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company's stock valued at $129,831,000 after buying an additional 1,747,145 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in shares of Enovix by 117.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 538,190 shares of the company's stock valued at $3,934,000 after acquiring an additional 290,916 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Trading Down 6.4%

Enovix stock opened at $3.36 on Friday. The firm's 50-day moving average is $4.64 and its 200-day moving average is $5.64. The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71. Enovix Corporation has a 1 year low of $3.06 and a 1 year high of $14.21. The company has a market cap of $737.35 million, a P/E ratio of -4.15 and a beta of 2.32.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. 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 $9.02 million during the quarter, compared to the consensus estimate of $8.43 million. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The company's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.13) EPS. Enovix has set its Q3 2026 guidance at -0.170--0.130 EPS. On average, equities analysts expect that Enovix Corporation will post -0.8 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ENVX shares. Craig Hallum set a $7.00 target price on Enovix in a research report on Thursday, August 13th. Loop Capital upgraded Enovix to a "strong-buy" rating in a research note on Monday, August 17th. Canaccord Genuity Group cut 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. Wall Street Zen lowered Enovix from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 22nd. Finally, William Blair cut Enovix from an "outperform" rating to a "market perform" rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $11.77.

Enovix 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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