Enovix (NASDAQ:ENVX) Downgraded by Oppenheimer to Market Perform

Oppenheimer cut shares of Enovix (NASDAQ:ENVX) from an outperform rating to a market perform rating in a research report released on Friday morning, Marketbeat.com reports.

A number of other equities analysts have also commented on ENVX. Canaccord Genuity Group cut their price objective on shares of Enovix from $12.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, August 14th. TD Cowen upgraded Enovix to a “hold” rating in a research note on Monday, October 5th. Craig Hallum downgraded Enovix from a “buy” rating to a “hold” rating and set a $2.00 target price for the company. in a research note on Friday. Loop Capital raised Enovix to a “strong-buy” rating in a research report on Monday, August 17th. Finally, Wall Street Zen cut Enovix from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 31st. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, Enovix currently has an average rating of “Hold” and an average target price of $7.80.

Enovix Stock Down 11.4%

Shares of NASDAQ ENVX traded down $0.20 during trading on Friday, reaching $1.60. 19,217,238 shares of the stock were exchanged, compared to its average volume of 10,649,369. The business’s 50-day moving average price is $2.23 and its 200 day moving average price is $3.93. Enovix has a twelve month low of $1.53 and a twelve month high of $9.19. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. The company has a market capitalization of $351.12 million, a price-to-earnings ratio of -2.19 and a beta of 2.34.

Enovix (NASDAQ:ENVX) last announced its earnings results on Friday, November 13th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.05. The business 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%. As a group, equities analysts forecast that Enovix will post -0.79 EPS for the current fiscal year.

Institutional Trading of Enovix

A number of hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in shares of Enovix by 4.7% during the 1st quarter. NewEdge Advisors LLC now owns 41,460 shares of the company’s stock worth $215,000 after acquiring an additional 1,853 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Enovix by 27.8% in the 1st quarter. Wealthfront Advisers LLC now owns 13,800 shares of the company’s stock worth $71,000 after acquiring an additional 3,001 shares during the last quarter. Harbor Investment Advisory LLC grew its holdings in shares of Enovix by 32.5% in the 2nd quarter. Harbor Investment Advisory LLC now owns 18,740 shares of the company’s stock worth $114,000 after acquiring an additional 4,600 shares during the last quarter. Refined Wealth Management raised its position in shares of Enovix by 0.7% during the third quarter. Refined Wealth Management now owns 850,768 shares of the company’s stock worth $2,467,000 after purchasing an additional 5,918 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Enovix by 8.9% during the first quarter. The Manufacturers Life Insurance Company now owns 86,474 shares of the company’s stock worth $448,000 after purchasing an additional 7,075 shares during the period. Institutional investors and hedge funds own 50.92% of the company’s stock.

Recent Enovix Headlines

Investors following ENVX have been watching these headlines:

• Positive Sentiment: Third-quarter revenue rose 38% year over year to $11 million, and the reported loss per share was narrower than analysts expected. Enovix forecast $65 million–$85 million in FY2027 revenue, with a roughly $37 million backlog cited as support. Enovix Q3 results and outlook
• 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

Enovix Company Profile

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.