Enovix Corporation [NASDAQ: ENVX] gained 1.48% or 0.16 points to close at $10.96 with a heavy trading volume of 3548874 shares. The company report on December 22, 2022 that Enovix to Demonstrate Breakthrough Battery Technology at CES 2023.
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“We are at a tipping point where one of the only things keeping us from world-changing technologies is the energy to power them, and our battery cells are designed to deliver high energy density without compromising safety,” said Harrold Rust, President, Chief Executive Officer and Co-founder of Enovix.
It opened the trading session at $10.80, the shares rose to $11.31 and dropped to $10.65, the range by which the price of stock traded the whole day. The daily chart for ENVX points out that the company has recorded 23.28% gains over the past six months. However, it is still -50.96% lower than its most recent low trading price.
If we look at the average trading volume of 3.45M shares, ENVX reached to a volume of 3548874 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Enovix Corporation [ENVX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ENVX shares is $32.14 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ENVX stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Enovix Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 02, 2022. While these analysts kept the previous recommendation, Janney raised their target price to Buy. The new note on the price target was released on November 04, 2022, representing the official price target for Enovix Corporation stock. Previously, the target price had yet another raise to $25, while Cantor Fitzgerald analysts kept a Overweight rating on ENVX stock.
The Average True Range (ATR) for Enovix Corporation is set at 0.75, with the Price to Sales ratio for ENVX stock in the period of the last 12 months amounting to 332.69. The Price to Book ratio for the last quarter was 4.68, with the Price to Cash per share for the same quarter was set at 2.25.
Trading performance analysis for ENVX stock
Enovix Corporation [ENVX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.97. With this latest performance, ENVX shares dropped by -7.12% in over the last four-week period, additionally plugging by 23.28% over the last 6 months – not to mention a drop of -58.83% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ENVX stock in for the last two-week period is set at 40.80, with the RSI for the last a single of trading hit 41.43, and the three-weeks RSI is set at 41.18 for Enovix Corporation [ENVX]. The present Moving Average for the last 50 days of trading for this stock 13.15, while it was recorded at 10.93 for the last single week of trading, and 13.97 for the last 200 days.
Enovix Corporation [ENVX]: A deeper dive into fundamental analysis
Return on Equity for this stock declined to -38.60, with Return on Assets sitting at -25.98.
Enovix Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 20.30 and a Current Ratio set at 20.30.
An analysis of insider ownership at Enovix Corporation [ENVX]
There are presently around $959 million, or 56.40% of ENVX stock, in the hands of institutional investors. The top three institutional holders of ENVX stocks are: ECLIPSE VENTURES, LLC with ownership of 12,583,258, which is approximately -28.436% of the company’s market cap and around 2.60% of the total institutional ownership; VANGUARD GROUP INC, holding 11,160,113 shares of the stock with an approximate value of $122.31 million in ENVX stocks shares; and PARK WEST ASSET MANAGEMENT LLC, currently with $99.69 million in ENVX stock with ownership of nearly -38.226% of the company’s market capitalization.
Positions in Enovix Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 135 institutional holders increased their position in Enovix Corporation [NASDAQ:ENVX] by around 12,140,013 shares. Additionally, 79 investors decreased positions by around 21,752,437 shares, while 23 investors held positions by with 53,566,750 shares. The mentioned changes placed institutional holdings at 87,459,200 shares, according to the latest SEC report filing. ENVX stock had 60 new institutional investments in for a total of 5,387,435 shares, while 24 institutional investors sold positions of 3,882,888 shares during the same period.