Enovix Corporation (NASDAQ:ENVX) price on current trading day, fall -7.65% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $9.30.
A look at the stock’s price movement, the close in the last trading session was $10.07, moving within a range at $9.29 and $10.37. The beta value (5-Year monthly) was 1.978. Turning to its 52-week performance, $18.68 and $5.70 were the 52-week high and 52-week low respectively. Overall, ENVX moved 1.75% over the past month.
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Enovix Corporation’s market cap currently stands at around $1.75 billion, with investors looking forward to this quarter’s earnings report slated for in January.
Analysts have a consensus estimate of 8.77M for the company’s revenue for the quarter, with a low and high estimate of 8M and 9M respectively. The average forecast suggests up to a 18.83% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 22.15M, representing a 189.78% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that ENVX is a 50% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Sell category.
9 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 8 recommend ENVX as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
ENVX’s current price about 0.36% and -8.15% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 47.23, while 7-day volatility ratio is 9.20% and 7.29% in the 30-day chart. Further, Enovix Corporation (ENVX) has a beta value of 1.93, and an average true range (ATR) of 0.75. Analysts have given the company’s stock an average 52-week price target of $17, forecast between a low of $5 and high of $19. Looking at the price targets, the low is 46.24% off current price level while to achieve the yearly target high, price needs to move -104.3%. Nonetheless, investors will most likely welcome a -82.8% jump to $17 which is the analysts’ median price.
If we refocus on Enovix Corporation (NASDAQ:ENVX), historical trading data shows that trading volumes averaged 4.61 over the past 10 days and 6.10 million over the past 3 months. The company’s latest data on shares outstanding shows there are 177.59 million shares.
The 16.36% of Enovix Corporation’s shares are in the hands of company insiders while institutional holders own 46.52% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 46.33 million on 2024-11-15, giving us a short ratio of 6.47. The data shows that as of 2024-11-15 short interest in Enovix Corporation (ENVX) stood at 2796.0 of shares outstanding, with shares short falling to 51.82 million registered in 2024-10-15. Current price change has pushed the stock -25.72% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the ENVX stock continues to rise going into the next quarter.
