Granahan Investment Management LLC Cuts Stock Position in Enovix Corporation $ENVX

Key Points

• Granahan Investment Management reduced its Enovix stake by 19.1% in the first quarter, selling 374,979 shares and leaving it with 1,589,586 shares valued at about $8.23 million.
• Several other institutional investors also adjusted positions, and more than 50% of Enovix shares are now held by hedge funds and other institutions.
• Analysts remain cautious overall: the stock has a Hold consensus rating with a $12.50 target, while shares recently fell 9% and Enovix reported a smaller-than-expected quarterly loss but continues to post negative earnings.

Granahan Investment Management LLC cut its stake in shares of Enovix Corporation (NASDAQ:ENVX - Free Report) by 19.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,589,586 shares of the company's stock after selling 374,979 shares during the quarter. Granahan Investment Management LLC owned 0.73% of Enovix worth $8,234,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Inceptionr LLC purchased a new position in Enovix during the 1st quarter worth $501,000. Cetera Investment Advisers boosted its holdings in shares of Enovix by 4.3% in the first quarter. Cetera Investment Advisers now owns 195,117 shares of the company's stock valued at $1,011,000 after acquiring an additional 8,126 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Enovix by 10.2% in the first quarter. Swiss National Bank now owns 384,300 shares of the company's stock valued at $1,991,000 after acquiring an additional 35,500 shares in the last quarter. Wealthfront Advisers LLC increased its stake in shares of Enovix by 27.8% during the first quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company's stock worth $71,000 after acquiring an additional 3,001 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Enovix by 8.7% during the first quarter. Bank of New York Mellon Corp now owns 557,591 shares of the company's stock worth $2,888,000 after acquiring an additional 44,436 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ENVX. Benchmark reduced their price objective on shares of Enovix from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Wall Street Zen upgraded Enovix from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Enovix in a research note on Wednesday, July 8th. TD Cowen decreased their price target on Enovix from $7.00 to $5.50 and set a "hold" rating on the stock in a research note on Friday. Finally, Craig Hallum cut their price objective on Enovix from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Six 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.50.

Enovix Stock Down 9.0%

ENVX stock opened at $3.95 on Friday. The company has a market cap of $861.69 million, a P/E ratio of -4.76 and a beta of 2.26. Enovix Corporation has a 52 week low of $3.90 and a 52 week high of $15.40. The company's 50-day moving average price is $6.21 and its 200 day moving average price is $6.25. The company has a current ratio of 10.97, a quick ratio of 10.65 and a debt-to-equity ratio of 2.14.

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

About Enovix

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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