Enovix (NASDAQ:ENVX) Reaches New 1-Year Low – Here’s What Happened

Enovix Corporation (NASDAQ:ENVX)’s stock price hit a new 52-week low on Friday . The stock traded as low as $4.57 and last traded at $4.70, with a volume of 8709298 shares changing hands. The stock had previously closed at $5.11.

Analyst Ratings Changes

A number of research firms have weighed in on ENVX. Oppenheimer dropped their price target on shares of Enovix from $24.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. TD Cowen restated a “buy” rating on shares of Enovix in a research report on Thursday, May 14th. Wall Street Zen upgraded shares of Enovix from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. downgraded shares of Enovix from a “neutral” rating to an “underweight” rating in a report on Wednesday, May 6th. Finally, Benchmark cut their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Enovix has a consensus rating of “Moderate Buy” and a consensus price target of $12.64.

Enovix Trading Down 8.0%

The company has a debt-to-equity ratio of 2.14, a current ratio of 10.97 and a quick ratio of 10.65. The stock’s 50-day moving average is $6.48 and its two-hundred day moving average is $6.37. The stock has a market cap of $1.03 billion, a P/E ratio of -5.66 and a beta of 2.26.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. The company had revenue of $7.60 million for the quarter, compared to the consensus estimate of $6.95 million. Enovix had a negative net margin of 499.64% and a negative return on equity of 64.28%. Enovix’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.15) EPS. Enovix has set its Q2 2026 guidance at -0.170–0.130 EPS. Equities research analysts anticipate that Enovix Corporation will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Enovix by 10.9% in the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock valued at $129,831,000 after purchasing an additional 1,747,145 shares in the last quarter. Millennium Management LLC increased its position in Enovix by 1,038.9% in the third quarter. Millennium Management LLC now owns 1,476,879 shares of the company’s stock worth $14,724,000 after purchasing an additional 1,347,200 shares during the last quarter. Two Sigma Investments LP raised its stake in Enovix by 9,197.1% during the third quarter. Two Sigma Investments LP now owns 1,200,997 shares of the company’s stock valued at $11,974,000 after purchasing an additional 1,188,079 shares in the last quarter. Barclays PLC lifted its position in Enovix by 263.1% during the fourth quarter. Barclays PLC now owns 1,551,941 shares of the company’s stock valued at $11,345,000 after purchasing an additional 1,124,480 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its position in Enovix by 13.8% during the third quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after purchasing an additional 972,103 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.