Enovix Corporation (NASDAQ:ENVX) finished Thursday with a subtraction of -$0.75 to close at $13.14, a downside of -5.40 percent. An average of 4,871,080 shares of common stock have been traded in the last five days. There was a fall of -$0.75 in the past week, and it reached a new high 2 times over the past 12 months. The last 20 days have seen an average of 5,913,260 shares traded, while the 50-day average volume stands at 7,911,490.
ENVX stock has decreased by -32.96% in the last month. The company shares reached their 1-month lowest point of $13.11 on 08/24/23. With the stock rallying to its 52-week high on 07/27/23, shares of the company touched a low of $6.50 and a high of $26.30 in 52 weeks. It has reached a new high 19 times so far this year and achieved 5.63% or $0.70 in price. In spite of this, the price is down -50.04% from the 52-week high.
Insider Transactions
ENVX stock investors should be aware that Enovix Corporation (ENVX) stock had its last reported insider trading activity 14 days ago on Aug 11. In this transaction, the insider spent $585,000. Director, ATKINS BETSY S, disposed of 4,528 shares at a price of $15.02 on Jun 20. The insider now owns more than $68,011 worth of shares. Prior to that, Director ATKINS BETSY S went on to Sale 5,000 shares at $12.36 each on Apr 24. An amount of $61,800 was transacted.
Valuation Metrics
Enovix Corporation (ENVX) stock’s beta is 1.56. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 1733.49, the price-to-book (PB) ratio at 8.37.
Financial Health
The quick ratio of Enovix Corporation for the three months ended June 29 was 11.00, and the current ratio was 11.10, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.67 and a total debt to equity ratio of 0.67 for the quarter ending June 29. Enovix Corporation’s EBITDA margin for the year ending June 29 is -1920.12%. Its gross profit as reported stood at -$17.04 million compared to revenue of $6.2 million.
Earnings Surprise
For the three-month period that ended June 29, Enovix Corporation had $166.81 million in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$64.31 million in the quarter, while revenues of -$73.6 million were grew 98.23%. The analyst consensus anticipated Enovix Corporation’s latest quarter earnings to come in at -$0.22 per share, but it turned out to be -$0.19, a 13.60% surprise. For the quarter, EBITDA amounted to -$48.34 million. Shareholders own equity worth $160.13 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Enovix Corporation (ENVX) price momentum. RSI 9-day as of the close on 24 August was 21.71%, suggesting the stock is oversold, with historical volatility in this time frame at 44.23%.
As of today, ENVX’s price is $13.70 -5.40% or -$0.75 from its 5-day moving average. ENVX is currently trading -29.51% lower than its 20-day SMA and -11.87% lower than its 100-day SMA. However, the stock’s current price level is -6.94% below the SMA50 and +22.35% above the SMA200.
The stochastic %K and %D were 5.96% and 6.50%, respectively, and the average true range (ATR) was 1.07. With the 14-day stochastic at 0.53% and the average true range at 1.16, the RSI (14) stands at 28.81%. The stock has reached -0.80 on the 9-day MACD Oscillator while the 14-day reading was at -1.79.
Analyst Ratings
TD Cowen downgraded Enovix Corporation (NASDAQ: ENVX) to a a Market perform rating in its most recent analyst report. Previously, the stock was rated as an Outperform. The consensus rating for Enovix Corporation (ENVX) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell ENVX, while 1 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 11 others rate it as a “buy”.
