Enovix (NASDAQ:ENVX) Stock Falls 16.7% - Should You Sell?

Key Points

• Enovix shares fell 16.7% to about $2.32, while trading volume was 67% below its average.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $10.77; ratings vary, including two Sell recommendations.
• In its latest reported quarter, Enovix beat estimates with a loss of $0.13 per share and revenue of $9.02 million, up 20.8% year over year. The company also announced a 5-for-4 stock split.

Enovix Corporation (NASDAQ:ENVX - Get Free Report)'s stock price dropped 16.7% during trading on Thursday. The stock traded as low as $2.33 and last traded at $2.3240. Approximately 2,350,579 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 7,067,294 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

ENVX has been the subject of a number of recent analyst reports. Bank of America restated a "neutral" rating and set a $5.00 price objective on shares of Enovix in a research note on Monday, August 17th. Northland Securities set a $5.00 target price on Enovix in a research note on Tuesday, October 13th. Wall Street Zen lowered shares of Enovix from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 31st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $25.00 price target on shares of Enovix in a report on Thursday, August 13th. Finally, William Blair downgraded shares of Enovix from an "outperform" rating to a "market perform" rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $10.77.

Enovix Price Performance

The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. The company has a 50 day simple moving average of $2.93 and a 200-day simple moving average of $5.09. The stock has a market cap of $520.32 million, a price-to-earnings ratio of -2.93 and a beta of 2.34.

Shares of Enovix are set to split before the market opens on Friday, November 13th. The 5-4 split was recently announced. The newly issued shares will be issued to shareholders after the closing bell on Thursday, November 12th.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.02. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. The company had revenue of $9.02 million during the quarter, compared to analyst estimates of $8.43 million. During the same quarter last year, the firm earned ($0.13) EPS. The business's revenue was up 20.8% on a year-over-year basis. Enovix has set its Q3 2026 guidance at -0.170--0.130 EPS. As a group, research analysts anticipate that Enovix Corporation will post -0.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Fulcrum Asset Management LLP boosted its stake in Enovix by 69.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company's stock valued at $124,000 after purchasing an additional 18,523 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of Enovix by 58.0% in the third quarter. Oppenheimer & Co. Inc. now owns 454,446 shares of the company's stock valued at $1,318,000 after purchasing an additional 166,892 shares during the period. Sowell Financial Services LLC raised its holdings in shares of Enovix by 144.1% during the third quarter. Sowell Financial Services LLC now owns 128,995 shares of the company's stock valued at $374,000 after buying an additional 76,150 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Enovix by 96.0% during the third quarter. Inspire Investing LLC now owns 219,586 shares of the company's stock valued at $637,000 after buying an additional 107,563 shares during the last quarter. Finally, Parkside Investments LLC raised its holdings in shares of Enovix by 12.0% during the third quarter. Parkside Investments LLC now owns 308,482 shares of the company's stock valued at $895,000 after buying an additional 32,943 shares during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Company Profile

Enovix Corporation is a battery technology company that develops lithium-ion batteries using a silicon-anode architecture. Its approach is designed to increase energy density while maintaining safety and cycle-life characteristics through a three-dimensional cell design and a mechanical constraint system that helps manage silicon expansion during charging.

The company's products are intended for applications that require compact, high-performance power sources, including consumer electronics, wearable devices, Internet of Things equipment, industrial products, and defense and aerospace systems.

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