Enovix (NASDAQ:ENVX) Shares Gap Down – Here’s Why

Enovix Corporation (NASDAQ:ENVX) gapped down before the market opened on Tuesday . The stock had previously closed at $8.24, but opened at $7.70. Enovix shares last traded at $7.4970, with a volume of 1,823,573 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ENVX shares. Canaccord Genuity Group cut their price objective on Enovix from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Cantor Fitzgerald cut their price target on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Oppenheimer set a $24.00 price objective on shares of Enovix in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Finally, Northland Securities set a $16.00 target price on shares of Enovix in a research note on Monday, November 17th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.50.

Enovix Stock Performance

The stock has a market cap of $1.62 billion, a P/E ratio of -9.25 and a beta of 2.13. The company has a current ratio of 9.72, a quick ratio of 9.47 and a debt-to-equity ratio of 1.74. The stock has a 50 day simple moving average of $8.01 and a 200 day simple moving average of $10.25.

Enovix (NASDAQ:ENVX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $7.99 million for the quarter, compared to analyst estimates of $7.94 million. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. The firm’s revenue was up 86.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.17) EPS. Enovix has set its Q4 2025 guidance at -0.200–0.160 EPS. On average, equities analysts expect that Enovix Corporation will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Enovix by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 98,318 shares of the company’s stock worth $722,000 after acquiring an additional 4,780 shares during the period. NewEdge Advisors LLC lifted its position in shares of Enovix by 10.4% during the first quarter. NewEdge Advisors LLC now owns 26,257 shares of the company’s stock worth $193,000 after purchasing an additional 2,481 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Enovix by 65.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,137,777 shares of the company’s stock worth $8,351,000 after buying an additional 449,934 shares during the period. Caxton Associates LLP acquired a new position in shares of Enovix in the 1st quarter valued at $190,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Enovix by 18.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,023 shares of the company’s stock valued at $2,628,000 after acquiring an additional 55,676 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

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.