Enovix down on uncertainty over CFO exit, says JPMorgan

JPMorgan keeps an Overweight rating on Enovix (ENVX) after the company announced its CFO Farhan Ahmad has left and it has begun the new CFO search process. The initial stock reaction has been negative given the uncertainty the departure has created with regard to the new management team, the analyst tells investors in a research note. The firm believes comments from Executive Chairman T.J. Rodgers in the press release indicates dissatisfaction with Enovix’s communication around its $100M equity raise on November 5. Looking ahead, JPMorgan sees positive catalysts related to Enovix completing site acceptance testing for the high volume line at Fab-2 and additional customer milestones announced throughout 2025. The shares are down 14% to $7.72 in late morning trading.