The stock of Enovix Corporation (NASDAQ:ENVX) decreased by -$0.19 on Monday to finish at $15.92, down -1.18 percent. The last five days have seen an average of 5,202,280 shares of common stock traded. 19 times new highs were reached in the current year, with a gain of $3.48. The average number of shares traded over the last 20 days was 7,611,120, while the average volume over the last 50 days totaled 7,945,670.
ENVX stock dropped -22.53% since last month. On 08/14/23, the company’s shares reached a one-month low of $15.54. The stock touched a high of $26.30 on 07/27/23, after rallying from a low of $6.50 in 52 weeks. The price of ENVX stock has risen by 27.97% or $3.48 this year, reaching a new high 19 times. Still, the stock price is down -39.47% from the 52-week high.
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Insider Transactions
ENVX stock investors should be aware that Enovix Corporation (ENVX) stock had its last reported insider trading activity 4 days ago on Aug 11. On Aug 11, Director ATKINS BETSY S sold 36,000 shares at $16.25 each. This transaction resulted in the insider making $585,000. On Jun 20, ATKINS BETSY S sold 4,528 shares at a price of US$15.02. After the transaction, the insider now owns 195,369 shares. President and CEO Talluri Rajendra K had earlier bought 5,000 shares on Apr 27 for $10.10 a share. The transaction was completed for $50,475.
Valuation Metrics
Beta for the stock is 1.50. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 418.67, the price-to-book (PB) ratio of 7.92.
Financial Health
For the three months ended June 29, Enovix Corporation’s quick ratio was 12.00, while its current ratio was 12.00, indicating its ability to pay off its debt. Based on annual data, it had gross profit of -$17.04 million and revenue of $6.2 million.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. ENVX’s return on assets (ROA) during the last 12 months has been -11.40%. There was a -37.00% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was -14.20%.
Earnings Surprise
According to Enovix Corporation’s quarterly financial report for the quarter that ended June 29, it had $166.81 million in total debt versus $66.09 million in cash and short-term investments. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at -$0.19 million, while revenues rose by 2784.21% to $20000.0. It was predicted that Enovix Corporation’s quarterly earnings would be -$0.19, but it ended up being -$0.22, beating the consensus by 13.60%. EBITDA was -$48.34 million for the quarter. At the end of Enovix Corporation’s most recent quarter ended June 29, its liabilities totaled 291.67 million, while its total debt was $175.52 million. Equity owned by shareholders amounts to $160.13 million.
Technical Picture
Here’s a quick look at Enovix Corporation’s (ENVX) price momentum from a technical perspective. As of 14 August, the RSI 9-day stood at 28.62%, suggesting the stock is oversold, with a 50.40% historical volatility rate.
The stochastic %K and %D were 6.09% and 8.42% respectively, while the average true range (ATR) was 1.33. Based on the 14-day stochastic reading of 4.55%, the RSI (14) reading is 36.98%. On the 9-day MACD Oscillator, the stock is at -1.17, and the 14-day reading is at -2.17.
Analyst Ratings
Enovix Corporation (NASDAQ: ENVX) was downgraded by TD Cowen to a a Market perform rating in its latest research report. The stock was previously rated as a an Outperform. Analysts have assigned Enovix Corporation (ENVX) an Buy rating. ENVX is a stock that is recommended for selling by 0 brokerage firms, while 1 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 11 others recommend it as a buy.
What is ENVX’s price target for the next 12 months?
The current consensus forecast for the stock is between $20.00 and $100.00, with a median target price of $25.00. In analyzing these forecasts, the average price target given by analysts for Enovix Corporation (ENVX) is $31.42.
