Enovix (NASDAQ:ENVX) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen downgraded shares of Enovix (NASDAQ:ENVX) from a sell rating to a strong sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other analysts also recently issued reports on ENVX. Loop Capital raised Enovix to a “strong-buy” rating in a research note on Monday, August 17th. Bank of America reaffirmed a “neutral” rating and set a $5.00 price objective on shares of Enovix in a research report on Monday, August 17th. Craig Hallum set a $7.00 price objective on Enovix in a research report on Thursday, August 13th. TD Cowen decreased their price objective on Enovix from $7.00 to $5.50 and set a “hold” rating for the company in a report on Friday, July 24th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 target price on shares of Enovix in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.77.

Enovix Stock Up 0.7%

Enovix stock opened at $2.80 on Friday. The company has a 50 day moving average of $3.50 and a 200-day moving average of $5.19. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. Enovix has a twelve month low of $2.48 and a twelve month high of $14.21. The stock has a market capitalization of $614.46 million, a PE ratio of -3.46 and a beta of 2.49.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The business had revenue of $9.02 million for the quarter, compared to analyst estimates of $8.43 million. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the business posted ($0.13) earnings per share. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. On average, equities research analysts anticipate that Enovix will post -0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

A number of large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Enovix in the second quarter valued at about $100,054,000. Granahan Investment Management LLC boosted its position in Enovix by 12.3% during the fourth quarter. Granahan Investment Management LLC now owns 1,964,565 shares of the company’s stock valued at $14,361,000 after purchasing an additional 214,916 shares during the last quarter. CenterBook Partners LP grew its stake in Enovix by 66.1% in the fourth quarter. CenterBook Partners LP now owns 1,757,382 shares of the company’s stock valued at $12,846,000 after purchasing an additional 699,519 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Enovix in the second quarter valued at approximately $8,689,000. Finally, Bank of America Corp DE acquired a new position in shares of Enovix during the 2nd quarter worth approximately $8,356,000. 50.92% of the stock is currently owned by institutional investors and hedge funds.

About Enovix

Enovix Corporation is a battery technology company developing lithium-ion batteries that use a silicon-based anode and a three-dimensional cell architecture. The company’s design is intended to increase energy density while incorporating structural features designed to improve safety and cycle life compared with conventional lithium-ion batteries.

Enovix is focused initially on batteries for consumer electronics, including smartphones, wearable devices and other mobile products. It has also identified applications in industrial, medical, aerospace, defense and electric vehicle markets.