Enovix (NASDAQ:ENVX) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Enovix (NASDAQ:ENVX) from a sell rating to a strong sell rating in a research report released on Saturday morning,Wall Street Zen reports.

ENVX has been the topic of a number of other reports. William Blair lowered Enovix from an “outperform” rating to a “market perform” rating in a research report on Monday, August 17th. Bank of America reissued a “neutral” rating and issued a $5.00 price target on shares of Enovix in a research report on Monday, August 17th. Loop Capital upgraded shares of Enovix to a “strong-buy” rating in a research note on Monday, August 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Enovix in a report on Wednesday, July 8th. Finally, Craig Hallum set a $7.00 price objective on shares of Enovix in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.77.

Enovix Stock Performance

Shares of ENVX opened at $2.67 on Friday. Enovix has a one year low of $2.48 and a one year high of $14.21. The company has a market cap of $585.93 million, a PE ratio of -3.30 and a beta of 2.49. The stock has a 50-day moving average of $3.47 and a 200-day moving average of $5.17. The company has a debt-to-equity ratio of 2.46, a current ratio of 9.71 and a quick ratio of 9.37.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ENVX. BlackRock Inc. purchased a new stake in Enovix in the 2nd quarter valued at $100,054,000. Granahan Investment Management LLC boosted its holdings in Enovix by 12.3% during the 4th quarter. Granahan Investment Management LLC now owns 1,964,565 shares of the company’s stock worth $14,361,000 after acquiring an additional 214,916 shares during the last quarter. CenterBook Partners LP grew its stake in shares of Enovix by 66.1% in the 4th quarter. CenterBook Partners LP now owns 1,757,382 shares of the company’s stock worth $12,846,000 after acquiring an additional 699,519 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Enovix in the 2nd quarter worth $8,689,000. Finally, Bank of America Corp DE bought a new stake in shares of Enovix in the 2nd quarter worth $8,356,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

About Enovix

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.