Enovix (NASDAQ:ENVX) Stock Rating Cut to “Neutral” at B. Riley Financial

B. Riley Financial downgraded shares of Enovix (NASDAQ:ENVX) from a buy rating to a neutral rating in a report issued on Friday morning, MarketBeat reports. B. Riley Financial currently has $2.00 price objective on the stock, down from their previous price objective of $9.00.

Several other research firms also recently weighed in on ENVX. TD Cowen raised Enovix to a “hold” rating in a research note on Monday, October 5th. Loop Capital upgraded Enovix to a “strong-buy” rating in a research report on Monday, August 17th. Craig Hallum lowered Enovix from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a report on Friday. Canaccord Genuity Group dropped their price target on Enovix from $12.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Finally, William Blair cut Enovix from an “outperform” rating to a “market perform” rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Enovix currently has a consensus rating of “Hold” and an average target price of $7.80.

Enovix Price Performance

ENVX stock traded down $0.20 during trading on Friday, reaching $1.60. 19,217,238 shares of the company were exchanged, compared to its average volume of 10,649,369. The company has a market cap of $351.12 million, a P/E ratio of -2.19 and a beta of 2.34. Enovix has a 52-week low of $1.53 and a 52-week high of $9.19. The stock’s 50 day moving average price is $2.23 and its 200 day moving average price is $3.93. The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71.

Enovix (NASDAQ:ENVX) last issued its earnings results on Friday, November 13th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. Enovix had a negative net margin of 406.54% and a negative return on equity of 67.80%. The company had revenue of $11.04 million during the quarter. As a group, analysts predict that Enovix will post -0.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caxton Associates LLP acquired a new stake in shares of Enovix during the 3rd quarter worth about $117,000. First Trust Advisors LP raised its position in shares of Enovix by 32.3% in the third quarter. First Trust Advisors LP now owns 774,813 shares of the company’s stock valued at $2,247,000 after buying an additional 188,954 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Enovix by 18.9% in the third quarter. HighTower Advisors LLC now owns 70,900 shares of the company’s stock valued at $206,000 after buying an additional 11,285 shares during the last quarter. Vista Capital Partners Inc. acquired a new position in shares of Enovix in the third quarter valued at approximately $284,000. Finally, Fulcrum Asset Management LLP lifted its stake in shares of Enovix by 69.8% during the third quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company’s stock valued at $124,000 after buying an additional 18,523 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Latest Enovix News

Investors following ENVX have been watching these news items:

• 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
• 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
• Negative Sentiment: Fourth-quarter revenue guidance of $9 million–$10 million is below the just-reported third-quarter revenue, raising near-term concerns about growth and execution despite the stronger FY2027 outlook. Enovix Q3 results and outlook

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.