Enovix Corporation (NASDAQ:ENVX) shares, rose in value, with the stock price down by -2.14% to the previous day’s close as strong demand from buyers drove the stock to $7.76.
Actively observing the price movement in the last trading, the stock closed the session at $7.93. The value of beta (5-year monthly) was 1.66. Referring to stock’s 52-week performance, its high was $23.90, and the low was $7.34. On the whole, ENVX has fluctuated by -30.40% over the past month.
With the market capitalization of Enovix Corporation currently standing at about $1.31 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 24, 2024 – Apr 29, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.29, which is expected to increase to -$0.16 for fiscal year -$0.95 and then to about -$0.81 by fiscal year 2025. Data indicates that the EPS growth is expected to be -9.20% in 2025, while the next year’s EPS growth is forecast to be 14.70%.
According to the average forecast, sales growth in current quarter could jump up 9,575.00%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $22.24 million, representing an increase of 190.90% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ENVX’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of ENVX currently trading nearly -21.99% and -25.05% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 28.72, while the 7-day volatility ratio is showing 9.51% which for the 30-day chart, stands at 7.32%. Furthermore, Enovix Corporation (ENVX)’s beta value is 1.66, and its average true range (ATR) is 0.70.
A comparison of Enovix Corporation (ENVX) with its peers suggests the former has fared considerably weaker in the market. ENVX showed an intraday change of -2.14% in last session, and over the past year, it shrunk by -29.39%%.
Data on historical trading for Enovix Corporation (NASDAQ:ENVX) indicates that the trading volumes over the past 10 days have averaged 4.85 million and over the past 3 months, they’ve averaged 4.46 million. According to company’s latest data on outstanding shares, there are 167.39 million shares outstanding.
Nearly 18.08% of Enovix Corporation’s shares belong to company insiders and institutional investors own 51.16% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 36.6 million shares as on Feb 29, 2024, resulting in a short ratio of 8.08. According to the data, the short interest in Enovix Corporation (ENVX) stood at 21.72% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 33.91 million. The stock has fallen by -38.02% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ENVX stock heading into the next quarter.
