Enovix (NASDAQ:ENVX) Rating Lowered to Market Perform at Oppenheimer

Enovix (NASDAQ:ENVX) was downgraded by analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Friday, Marketbeat reports.

Other analysts have also recently issued reports about the company. Wall Street Zen cut Enovix from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 31st. TD Cowen raised Enovix to a “hold” rating in a research note on Monday, October 5th. Canaccord Genuity Group cut their price target on Enovix from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, August 14th. B. Riley Financial lowered Enovix from a “buy” rating to a “neutral” rating and reduced their price target for the company from $9.00 to $2.00 in a research report on Friday. Finally, Craig Hallum cut Enovix from a “buy” rating to a “hold” rating and set a $2.00 price objective for the company. in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.80.

Enovix Stock Down 11.4%

ENVX traded down $0.20 during trading hours on Friday, hitting $1.60. 19,217,238 shares of the company’s stock were exchanged, compared to its average volume of 10,649,369. The firm has a market cap of $351.12 million, a P/E ratio of -2.19 and a beta of 2.34. Enovix has a 12-month low of $1.53 and a 12-month high of $9.19. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46. The firm has a 50 day moving average of $2.23 and a 200 day moving average of $3.93.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Friday, November 13th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.05. The company had revenue of $11.04 million during the quarter. Enovix had a negative net margin of 406.54% and a negative return on equity of 67.80%. Analysts predict that Enovix will post -0.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the company. Caxton Associates LLP purchased a new position in Enovix in the third quarter valued at $117,000. First Trust Advisors LP raised its stake in Enovix by 32.3% in the third quarter. First Trust Advisors LP now owns 774,813 shares of the company’s stock valued at $2,247,000 after buying an additional 188,954 shares in the last quarter. HighTower Advisors LLC raised its stake in Enovix by 18.9% in the third quarter. HighTower Advisors LLC now owns 70,900 shares of the company’s stock valued at $206,000 after buying an additional 11,285 shares in the last quarter. Vista Capital Partners Inc. purchased a new stake in Enovix during the 3rd quarter worth about $284,000. Finally, Fulcrum Asset Management LLP lifted its holdings in Enovix by 69.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company’s stock worth $124,000 after buying an additional 18,523 shares during the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Key Headlines Impacting Enovix

Here are a few of the latest headlines about ENVX:

• Positive Sentiment: The company plans to invest $19 million to double drone-battery capacity at its South Korean facility, while its drone, defense and industrial pipeline grew 18% sequentially to about $216 million. It also reported $512 million in cash, cash equivalents, marketable securities and restricted cash, and retired $128 million face value of convertible notes for about $81 million. Enovix Q3 results and outlook
• Negative Sentiment: Three firms cut their ratings: Oppenheimer moved to “market perform,” Craig Hallum to “hold,” and B. Riley to “neutral.” B. Riley also slashed its price target from $9 to $2, reflecting sharply weaker analyst expectations. B. Riley ratings
• Negative Sentiment: Fourth-quarter revenue guidance of $9 million–$10 million is below the just-reported third-quarter revenue, raising near-term concerns about growth and execution despite the stronger FY2027 outlook. Enovix Q3 results and outlook

About Enovix

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.