Enovix (NASDAQ:ENVX) Downgraded to Market Perform Rating by William Blair

Enovix (NASDAQ:ENVX) was downgraded by investment analysts at William Blair from an “outperform” rating to a “market perform” rating in a report released on Monday.

Several other analysts also recently commented on ENVX. Benchmark reduced their target price on shares of Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 14th. Wall Street Zen raised shares of Enovix from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Oppenheimer cut their price objective 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. TD Cowen reduced their price objective on Enovix from $7.00 to $5.50 and set a “hold” rating for the company in a report on Friday, July 24th. Finally, B. Riley Financial decreased their target price on Enovix from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Enovix currently has an average rating of “Hold” and an average price target of $11.86.

Enovix Stock Performance

Shares of ENVX traded down $0.80 during mid-day trading on Monday, reaching $3.59. The company’s stock had a trading volume of 3,466,584 shares, compared to its average volume of 6,377,921. The company has a current ratio of 9.71, a quick ratio of 9.37 and a debt-to-equity ratio of 2.46. Enovix has a 1-year low of $3.67 and a 1-year high of $14.21. The business has a 50-day simple moving average of $5.33 and a two-hundred day simple moving average of $5.86. The stock has a market cap of $784.03 million, a P/E ratio of -4.48 and a beta of 2.32.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.02. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%.The business had revenue of $9.02 million for the quarter, compared to analysts’ expectations of $8.43 million. During the same quarter in the prior year, the business earned ($0.13) EPS. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. As a group, equities research analysts anticipate that Enovix will post -0.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Enovix by 10.9% during the fourth quarter. Vanguard Group Inc. now owns 17,760,708 shares of the company’s stock worth $129,831,000 after purchasing an additional 1,747,145 shares during the period. BlackRock Inc. bought a new position in Enovix in the 2nd quarter valued at about $100,054,000. Electron Capital Partners LLC increased its holdings in Enovix by 13.8% in the 3rd quarter. Electron Capital Partners LLC now owns 8,038,396 shares of the company’s stock valued at $80,143,000 after buying an additional 972,103 shares during the period. Geode Capital Management LLC raised its position in shares of Enovix by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 4,413,492 shares of the company’s stock valued at $32,268,000 after buying an additional 253,906 shares in the last quarter. Finally, State Street Corp raised its position in shares of Enovix by 2.0% in the 4th quarter. State Street Corp now owns 3,959,029 shares of the company’s stock valued at $28,941,000 after buying an additional 77,079 shares in the last quarter. Institutional investors own 50.92% of the company’s stock.

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.