Enovix Corporation [NASDAQ: ENVX] plunged by -$0.55 during the normal trading session on while it closed the day at $7.14. The company report on March 27, 2024 at 7:30 AM that Enovix Awarded 15-Year Pioneer Status from Malaysian Investment Development Authority for its High-Volume Manufacturing Facility.
Enovix’s Pioneer Status application was approved by the Government of Malaysia for the manufacture of lithium-ion batteries within the country for 15 years. The primary benefit of receiving Pioneer Status is an exemption from the payment of income tax, subject to meeting certain conditions such as incurring minimum capital and operational expenses, employing local workers, implementing a local vendor development program, providing training programs for students, and collaborating with higher education institutions.
Enovix Corporation stock has also loss -6.18% of its value over the past 7 days. However, ENVX stock has declined by -42.09% in the 3 months of the year. Over the past six months meanwhile, it has lost -30.48% and lost -42.97% year-on date.
The market cap for ENVX stock reached $1.20 billion, with 167.39 million shares outstanding and 138.06 million shares in the current float. Compared to the average trading volume of 4.30M shares, ENVX reached a trading volume of 4085081 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 $28.75 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 1.15. 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.
William Blair have made an estimate for Enovix Corporation shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on December 18, 2023. While these analysts kept the previous recommendation, TD Cowen raised their target price from $19 to $20. The new note on the price target was released on July 21, 2023, representing the official price target for Enovix Corporation stock. Previously, the target price had yet another raise to $20, while Canaccord Genuity analysts kept a Buy rating on ENVX stock.
The Average True Range (ATR) for Enovix Corporation is set at 0.55, with the Price to Sales ratio for ENVX stock in the period of the last 12 months amounting to 157.47. The Price to Book ratio for the last quarter was 4.63, with the Price to Cash per share for the same quarter was set at 1.82.
ENVX stock trade performance evaluation
Enovix Corporation [ENVX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.18. With this latest performance, ENVX shares dropped by -20.67% in over the last four-week period, additionally sinking by -30.48% over the last 6 months – not to mention a drop of -45.62% 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 35.48, with the RSI for the last a single of trading hit 33.34, and the three-weeks RSI is set at 37.28 for Enovix Corporation [ENVX]. The present Moving Average for the last 50 days of trading for this stock 9.19, while it was recorded at 7.50 for the last single week of trading, and 12.42 for the last 200 days.
Enovix Corporation [ENVX]: An insightful look at the core fundamentals
Enovix Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.15 and a Current Ratio set at 5.30.
Earnings per share (EPS) analysis for Enovix Corporation [ENVX] stock
With the latest financial reports released by the company, Enovix Corporation posted -0.2/share EPS, while the average EPS was predicted by analysts to be reported at -0.21/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 4.80%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ENVX.
Enovix Corporation [ENVX]: Institutional Ownership
The top three institutional holders of ENVX stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in ENVX stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in ENVX stock with ownership which is approximately 5.8386%.
