Enovix Corporation [ENVX] Is Currently 6.64 below its 200 Period Moving Avg: What Does This Mean?

Enovix Corporation [NASDAQ: ENVX] closed the trading session at $11.57 on 03/21/23. The day’s price range saw the stock hit a low of $10.965, while the highest price level was $11.71. The company report on March 13, 2023 that Enovix Announces Multiple Leadership Additions.

“We are moving quickly to deliver on the promise of our revolutionary battery,” said Dr. Raj Talluri, President and CEO of Enovix. “That includes adding seasoned leaders that have a proven track record of defining products that meet customer requirements and demand while scaling with best-in-class cost to achieve strong gross margins.”.

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The stocks have a year to date performance of -6.99 percent and weekly performance of 5.28 percent. The stock has been moved at -49.23 percent over the last six months. The stock has performed 33.14 percent around the most recent 30 days and changed 3.40 percent over the most recent 3-months.

If compared to the average trading volume of 4.71M shares, ENVX reached to a volume of 6429640 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 0.85, with the Price to Sales ratio for ENVX stock in the period of the last 12 months amounting to 285.00. The Price to Book ratio for the last quarter was 5.01, with the Price to Cash per share for the same quarter was set at 2.11.

ENVX stock trade performance evaluation

Enovix Corporation [ENVX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.28. With this latest performance, ENVX shares gained by 33.14% in over the last four-week period, additionally sinking by -49.23% over the last 6 months – not to mention a drop of -25.21% 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 64.89, with the RSI for the last a single of trading hit 68.13, and the three-weeks RSI is set at 61.08 for Enovix Corporation [ENVX]. The present Moving Average for the last 50 days of trading for this stock 8.95, while it was recorded at 10.95 for the last single week of trading, and 13.31 for the last 200 days.

Enovix Corporation [ENVX]: An insightful look at the core 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 Total Capital for ENVX is now -36.31, given the latest momentum, and Return on Invested Capital for the company is -14.75. Return on Equity for this stock declined to -15.13, with Return on Assets sitting at -11.14. When it comes to the capital structure of this company, Enovix Corporation [ENVX] has a Total Debt to Total Equity ratio set at 2.31. Additionally, ENVX Total Debt to Total Capital is recorded at 2.26, with Total Debt to Total Assets ending up at 1.86. Long-Term Debt to Equity for the company is recorded at 2.31, with the Long-Term Debt to Total Capital now at 2.26.

Reflecting on the efficiency of the workforce at the company, Enovix Corporation [ENVX] managed to generate an average of -$154,096 per employee. Receivables Turnover for the company is 14.26 with a Total Asset Turnover recorded at a value of 0.01.Enovix Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 14.30 and a Current Ratio set at 14.30.

Enovix Corporation [ENVX]: Insider Ownership positions

There are presently around $991 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 $100.03 million in ENVX stocks shares; and ECLIPSE VENTURES, LLC, currently with $87.74 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 150 institutional holders increased their position in Enovix Corporation [NASDAQ:ENVX] by around 15,928,191 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 85,680,059 shares, according to the latest SEC report filing. ENVX stock had 63 new institutional investments in for a total of 3,729,772 shares, while 38 institutional investors sold positions of 3,475,508 shares during the same period.


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