Enovix (NASDAQ:ENVX) Hits New 12-Month Low – Here’s Why

Enovix Corporation (NASDAQ:ENVX) reached a new 52-week low during trading on Thursday. The stock traded as low as $2.46 and last traded at $2.4850, with a volume of 536,503 shares changing hands. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ENVX shares. Bank of America reiterated a “neutral” rating and set a $5.00 price objective on shares of Enovix in a research note on Monday, August 17th. B. Riley Financial cut their target price on shares of Enovix from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. William Blair lowered shares of Enovix from an “outperform” rating to a “market perform” rating in a report on Monday, August 17th. Craig Hallum set a $7.00 price target on shares of Enovix in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 price target on shares of Enovix in a 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.77.

Enovix Stock Performance

The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71. The stock has a fifty day simple moving average of $3.36 and a two-hundred day simple moving average of $5.11. The stock has a market cap of $539.84 million, a PE ratio of -3.04 and a beta of 2.49.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. The company 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 business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.13) earnings per share. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. Equities analysts anticipate that Enovix Corporation will post -0.80 EPS for the current fiscal year.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently added to or reduced their stakes in ENVX. Apella Capital LLC boosted its position in Enovix by 120.8% in the 3rd quarter. Apella Capital LLC now owns 60,540 shares of the company’s stock valued at $176,000 after buying an additional 33,120 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Enovix during the second quarter valued at about $61,000. Engineers Gate Manager LP increased its position in shares of Enovix by 132.4% during the second quarter. Engineers Gate Manager LP now owns 51,281 shares of the company’s stock worth $311,000 after acquiring an additional 29,214 shares during the last quarter. HB Wealth Management LLC increased its position in shares of Enovix by 99.5% during the second quarter. HB Wealth Management LLC now owns 30,664 shares of the company’s stock worth $186,000 after acquiring an additional 15,294 shares during the last quarter. Finally, AXQ Capital LP lifted its stake in shares of Enovix by 249.5% in the second quarter. AXQ Capital LP now owns 118,115 shares of the company’s stock worth $717,000 after acquiring an additional 84,322 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Company Profile

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.