Enovix (NASDAQ:ENVX) Reaches New 1-Year Low – Time to Sell?

Shares of Enovix Corporation (NASDAQ:ENVX) hit a new 52-week low on Wednesday. The company traded as low as $2.35 and last traded at $2.3850, with a volume of 12,335,264 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

A number of research firms have issued reports on ENVX. TD Cowen upgraded Enovix to a “hold” rating in a report on Monday, October 5th. Wall Street Zen upgraded Enovix from a “strong sell” rating to a “sell” rating in a report on Sunday. Craig Hallum set a $7.00 target price on Enovix in a report on Thursday, August 13th. B. Riley Financial reduced their price target on shares of Enovix from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, August 13th. Finally, 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. One 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.77.

Enovix Price Performance

The stock has a market cap of $529.97 million, a P/E ratio of -2.97 and a beta of 2.49. The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71. The business has a 50 day simple moving average of $3.29 and a 200-day simple moving average of $5.07.

Enovix (NASDAQ:ENVX) last released its earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.02. The company had revenue of $9.02 million for the quarter, compared to analysts’ expectations of $8.43 million. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.13) EPS. Enovix has set its Q3 2026 guidance at -0.170–0.130 EPS. On average, sell-side analysts forecast that Enovix Corporation will post -0.80 EPS for the current year.

Hedge Funds Weigh In On Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sax Wealth Advisors LLC bought a new stake in shares of Enovix in the third quarter valued at $29,000. Refined Wealth Management grew its stake in shares of Enovix by 0.7% during the 3rd quarter. Refined Wealth Management now owns 850,768 shares of the company’s stock worth $2,467,000 after acquiring an additional 5,918 shares during the period. Apella Capital LLC grew its stake in shares of Enovix by 120.8% during the 3rd quarter. Apella Capital LLC now owns 60,540 shares of the company’s stock worth $176,000 after acquiring an additional 33,120 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Enovix in the 2nd quarter worth about $61,000. Finally, Engineers Gate Manager LP raised its stake in Enovix by 132.4% in the 2nd quarter. Engineers Gate Manager LP now owns 51,281 shares of the company’s stock valued at $311,000 after acquiring an additional 29,214 shares during the period. 50.92% of the stock is owned by institutional investors.

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.