Enovix Corporation (NASDAQ:ENVX) price on Thursday, January 16, rose 1.58% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $10.95.
A look at the stock’s price movement, the close in the last trading session was $10.78, moving within a range at $10.57 and $11.4901. 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 21.94% over the past month.
Enovix Corporation’s market cap currently stands at around $2.06 billion, with investors looking forward to this quarter’s earnings report slated for in February.
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 189.83% 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 100% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in Hold 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 0.62% and 10.79% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 51.12, while 7-day volatility ratio is 7.80% and 10.11% in the 30-day chart. Further, Enovix Corporation (ENVX) has a beta value of 1.86, and an average true range (ATR) of 1.10. Analysts have given the company’s stock an average 52-week price target of $12, forecast between a low of $5 and high of $19. Looking at the price targets, the low is 54.34% off current price level while to achieve the yearly target high, price needs to move -73.52%. Nonetheless, investors will most likely welcome a -9.59% jump to $12 which is the analysts’ median price.
If we refocus on Enovix Corporation (NASDAQ:ENVX), historical trading data shows that trading volumes averaged 9.25 over the past 10 days and 6.68 million over the past 3 months. The company’s latest data on shares outstanding shows there are 177.59 million shares.
The 15.06% of Enovix Corporation’s shares are in the hands of company insiders while institutional holders own 46.46% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 48.39 million on 2024-12-31, giving us a short ratio of 7.94. The data shows that as of 2024-12-31 short interest in Enovix Corporation (ENVX) stood at 2920.0 of shares outstanding, with shares short rising to 48.37 million registered in 2024-11-29. Current price change has pushed the stock 0.74% 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.
