During the last session, Enovix Corporation (NASDAQ:ENVX)’s traded shares were 2.67 million. At the end of the trading day, the stock’s price was $11.99, reflecting an intraday loss of -1.15% or -$0.14. The 52-week high for the ENVX share is $26.30, that puts it down -119.35 from that peak though still a striking 45.79% gain since the share price plummeted to a 52-week low of $6.50. The company’s market capitalization is $1.96B, and the average intraday trading volume over the past 10 days was 3.26 million shares, and the average trade volume was 5.72 million shares over the past three months.
Enovix Corporation (ENVX) received a consensus recommendation of a Buy from analysts. That translates to a mean rating of 1.70. ENVX has a Sell rating from 0 analyst(s) out of 12 analysts who have looked at this stock. 0 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 12 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be -$0.22.
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Enovix Corporation (NASDAQ:ENVX) trade information
Enovix Corporation (ENVX) registered a -1.15% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -1.15% in intraday trading to $11.99 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is -4.54%, and it has moved by -5.37% in 30 days. Based on these gigs, the overall price performance for the year is 29.90%. The short interest in Enovix Corporation (NASDAQ:ENVX) is 29.46 million shares and it means that shorts have 3.66 day(s) to cover.
The consensus price target of analysts on Wall Street is $28.42, which implies an increase of 57.81% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $15.00 and $100.00 respectively. As a result, ENVX is trading at a discount of -734.03% off the target high and -25.1% off the low.
Enovix Corporation (ENVX) estimates and forecasts
Statistics show that Enovix Corporation has underperformed its competitors in share price, compared to the industry in which it operates. Enovix Corporation (ENVX) shares have gone down -2.12% during the last six months, with a year-to-date growth rate less than the industry average at -49.15% against -7.10. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -69.20% this quarter and then drop -46.70% in the quarter after that. In the rating firms’ projections, revenue will decrease -83.90% compared to the previous financial year.
Revenue for the current quarter is expected to be $70k as predicted by 10 analyst(s). Meanwhile, a consensus of 10 analyst(s) estimates revenue growth to $300k by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $5.1 million and $410k respectively. In this case, analysts expect current quarter sales to shrink by -98.60% and then drop by -26.80% in the coming quarter.
While earnings are projected to return -43.30% in 2023.
Enovix Corporation is due to release its next quarterly earnings on April 26. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Enovix Corporation (NASDAQ:ENVX)’s Major holders
Enovix Corporation insiders own 20.55% of total outstanding shares while institutional holders control 55.16%, with the float percentage being 69.43%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 307 institutions own stock in it. As of Mar 30, 2023, the company held over 11.2 million shares (or 7.08% of all shares), a total value of $166.98 million in shares.
The next largest institutional holding, with 7.58 million shares, is of Eclipse Ventures, LLC’s that is approximately 4.79% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $113.07 million.
Also, the Mutual Funds coming in first place with the largest holdings of Enovix Corporation (ENVX) shares are Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. Data provided on Dec 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 3.33 million shares. This amounts to just over 2.11 percent of the company’s overall shares, with a $41.38 million market value. The same data shows that the other fund manager holds slightly less at 2.83 million, or about 1.80% of the stock, which is worth about $35.24 million.