Enovix (NASDAQ:ENVX) Trading 9% Higher – Still a Buy?

Enovix Corporation (NASDAQ:ENVX) shares traded up 9% during trading on Wednesday . The company traded as high as $6.09 and last traded at $6.0250. 3,564,590 shares traded hands during trading, a decline of 44% from the average session volume of 6,350,229 shares. The stock had previously closed at $5.53.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENVX. Oppenheimer cut their target price 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Enovix in a research report on Friday, April 10th. TD Cowen reiterated a “buy” rating on shares of Enovix in a research report on Thursday, May 14th. Bank of America began coverage on shares of Enovix in a research report on Thursday, March 12th. They issued a “neutral” rating and a $6.00 target price for the company. Finally, JPMorgan Chase & Co. lowered shares of Enovix from a “neutral” rating to an “underweight” rating in a research report on Wednesday, May 6th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.64.

Enovix Price Performance

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 firm has a market capitalization of $1.37 billion, a P/E ratio of -7.57 and a beta of 2.24. The firm’s 50 day simple moving average is $5.86 and its two-hundred day simple moving average is $6.98.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.01. The business had revenue of $7.60 million during 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%. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.15) earnings per share. Enovix has set its Q2 2026 guidance at -0.170–0.130 EPS. As a group, analysts predict that Enovix Corporation will post -0.81 earnings per share for the current year.

Institutional Trading of Enovix

Hedge funds have recently added to or reduced their stakes in the business. Caitlin John LLC bought a new stake in Enovix in the third quarter worth $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Enovix in the fourth quarter worth $30,000. Parallel Advisors LLC lifted its stake in Enovix by 51.9% in the third quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after purchasing an additional 1,342 shares during the last quarter. CWM LLC lifted its stake in Enovix by 95.4% in the fourth quarter. CWM LLC now owns 6,081 shares of the company’s stock worth $44,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Calamos Advisors LLC bought a new stake in Enovix in the first quarter worth $60,000. 50.92% of the stock is owned by institutional investors.

Enovix Company Profile

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.