Enovix Corporation (ENVX)

Shares of Evonix Information Technology (ENVX) dropped by 12.79% from $11.81 to $10.30 in the trading on Tuesday October 3, 2023. The ENVX stock is down due to the announcement of the conversion of its Fremont, California, Fab1 battery plant into an "Innovation Centre". This strategic move has led to a reduction in the workforce, affecting approximately 185 personnel, including 125 contract workers, with anticipated annualized savings of $22 million. Additionally, Enovix reported that production in Q3 fell short of its targets, with only around 24,000 small cell units produced. As a result of these changes, Enovix expects to incur approximately $2.5 million in restructuring charges.

ENVX's stock fell 7.55% after TD Cowen downgraded Enovix from Outperform to Market Perform and raised the price target from $19 to $20.

https://za.investing.com/news/enovix-downgraded-at-td-cowen-following-stock-rally-432SI-2817272