Enovix (NASDAQ:ENVX) Stock Price Down 6.5% – What’s Next?

Enovix Corporation (NASDAQ:ENVX) was down 6.5% on Wednesday . The company traded as low as $3.25 and last traded at $3.2450. 2,775,532 shares traded hands during trading, a decline of 58% from the average daily volume of 6,632,543 shares. The stock had previously closed at $3.47.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Benchmark dropped their price objective on Enovix from $25.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. TD Cowen decreased their price target on shares of Enovix from $7.00 to $5.50 and set a “hold” rating for the company in a research report on Friday, July 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $25.00 price target on shares of Enovix in a research note on Thursday, August 13th. William Blair cut shares of Enovix from an “outperform” rating to a “market perform” rating in a report on Monday, August 17th. Finally, B. Riley Financial decreased their price objective on shares of Enovix from $10.00 to $9.00 and set a “buy” rating for the company 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 issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.77.

Enovix Stock Down 0.6%

The stock’s fifty day simple moving average is $4.15 and its two-hundred day simple moving average is $5.46. The company has a debt-to-equity ratio of 2.46, a current ratio of 9.71 and a quick ratio of 9.37. The company has a market capitalization of $689.07 million, a price-to-earnings ratio of -3.88 and a beta of 2.31.

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

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Private Advisor Group LLC boosted its holdings in Enovix by 2.7% during the third quarter. Private Advisor Group LLC now owns 46,519 shares of the company’s stock valued at $464,000 after acquiring an additional 1,242 shares during the period. Parallel Advisors LLC increased its position in Enovix by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after buying an additional 1,342 shares during the period. Equitable Holdings Inc. lifted its holdings in shares of Enovix by 10.9% during the third quarter. Equitable Holdings Inc. now owns 13,700 shares of the company’s stock worth $137,000 after buying an additional 1,342 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Enovix by 4.7% in the first quarter. NewEdge Advisors LLC now owns 41,460 shares of the company’s stock worth $215,000 after acquiring an additional 1,853 shares during the last quarter. Finally, Mariner LLC increased its position in Enovix by 3.4% during the third quarter. Mariner LLC now owns 58,343 shares of the company’s stock worth $582,000 after acquiring an additional 1,921 shares during the period. 50.92% of the stock is owned by institutional investors.

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.