Enovix Corporation [ENVX] fell -28.70% so far this year. What now?

Enovix Corporation [NASDAQ: ENVX] traded at a low on 03/01/23, posting a -3.80 loss after which it closed the day’ session at $8.87.

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The results of the trading session contributed to over 3693604 shares changing hands. Over the past one week, the price volatility of Enovix Corporation stands at 9.37% while the volatility over the past one month is 7.71%.

The market cap for ENVX stock reached $1.46 billion, with 153.33 million shares outstanding and 127.17 million shares in the current float. Compared to the average trading volume of 4.16M shares, ENVX reached a trading volume of 3693604 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $29.64 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 1.70. 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.

Canaccord Genuity have made an estimate for Enovix Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 11, 2023. While these analysts kept the previous recommendation, B. Riley Securities raised their target price to Buy. The new note on the price target was released on December 02, 2022, representing the official price target for Enovix Corporation stock. Previously, the target price had yet another raise to $23, while Janney analysts kept a Buy rating on ENVX stock.

The Average True Range (ATR) for Enovix Corporation is set at 0.74, with the Price to Sales ratio for ENVX stock in the period of the last 12 months amounting to 235.17. The Price to Book ratio for the last quarter was 3.79, with the Price to Cash per share for the same quarter was set at 2.12.

How has ENVX stock performed recently?

Enovix Corporation [ENVX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.13. With this latest performance, ENVX shares gained by 16.56% in over the last four-week period, additionally sinking by -60.45% over the last 6 months – not to mention a drop of -46.76% 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 50.91, with the RSI for the last a single of trading hit 52.54, and the three-weeks RSI is set at 48.71 for Enovix Corporation [ENVX]. The present Moving Average for the last 50 days of trading for this stock 9.03, while it was recorded at 8.96 for the last single week of trading, and 13.30 for the last 200 days.

Enovix Corporation [ENVX]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Enovix Corporation [ENVX] shares currently have an operating margin of -2048.66 and a Gross Margin at -274.70. Enovix Corporation’s Net Margin is presently recorded at -832.34.

Return on Equity for this stock declined to -15.13, with Return on Assets sitting at -11.16.

Enovix Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 20.30 and a Current Ratio set at 20.30.

Insider trade positions for Enovix Corporation [ENVX]

There are presently around $760 million, or 56.40% of ENVX stock, in the hands of institutional investors. The top three institutional holders of ENVX stocks are: VANGUARD GROUP INC with ownership of 10,643,744, which is approximately -4.627% of the company’s market cap and around 2.60% of the total institutional ownership; PARK WEST ASSET MANAGEMENT LLC, holding 8,645,805 shares of the stock with an approximate value of $76.69 million in ENVX stocks shares; and ECLIPSE VENTURES, LLC, currently with $67.26 million in ENVX stock with ownership of nearly -39.735% of the company’s market capitalization.

Positions in Enovix Corporation stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 148 institutional holders increased their position in Enovix Corporation [NASDAQ:ENVX] by around 15,927,811 shares. Additionally, 93 investors decreased positions by around 17,687,555 shares, while 30 investors held positions by with 52,064,313 shares. The mentioned changes placed institutional holdings at 85,679,679 shares, according to the latest SEC report filing. ENVX stock had 61 new institutional investments in for a total of 3,729,392 shares, while 38 institutional investors sold positions of 3,475,508 shares during the same period.


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