The stock of Enovix Corporation (NASDAQ:ENVX) increased by $0.07 on Monday to finish at $14.00, up 0.50 percent. The last five days have seen an average of 4,500,720 shares of common stock traded. 19 times new highs were reached in the current year, with a gain of $1.56. The average number of shares traded over the last 20 days was 5,508,955, while the average volume over the last 50 days totaled 7,950,080.
ENVX stock dropped -29.40% since last month. On 08/25/23, the company’s shares reached a one-month low of $13.08. 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 12.54% or $1.56 this year, reaching a new high 19 times. Still, the stock price is down -46.77% 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 5 days ago on Aug 24. On Aug 24, President and CEO Talluri Rajendra K acquired 1,434 shares at $13.94 each. This transaction resulted in the insider spending $19,990. On Aug 11, ATKINS BETSY S sold 36,000 shares at a price of US$16.25. After the transaction, the insider now owns 159,369 shares. Director ATKINS BETSY S had earlier sold 4,528 shares on Jun 20 for $15.02 a share. The transaction was completed for $68,011.
Valuation Metrics
Beta for the stock is 1.59. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 1762.25, the price-to-book (PB) ratio of 8.92.
Financial Health
For the three months ended June 29, Enovix Corporation’s quick ratio was 11.00, while its current ratio was 11.10, indicating its ability to pay off its debt. The company’s long-term debt to equity ratio for the quarter ending June 29 is 0.67, and the total debt to equity ratio is 0.67. 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 -49.80%. 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 -72.60%.
Earnings Surprise
According to Enovix Corporation’s quarterly financial report for the quarter that ended June 29. 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 2394.74% to -$0.23 million. 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 $175.47 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 28 August, the RSI 9-day stood at 35.03%, suggesting the stock is Neutral, with a 62.56% historical volatility rate.
The stochastic %K and %D were 12.59% and 9.65% respectively, while the average true range (ATR) was 1.00. Based on the 14-day stochastic reading of 19.49%, the RSI (14) reading is 36.28%. On the 9-day MACD Oscillator, the stock is at -0.24, and the 14-day reading is at -1.09.
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.
