Enovix Corporation (NASDAQ: ENVX) Lose -0.73%, Marking A Loss For Bears.

In the latest trading session, 0.86 million Enovix Corporation (NASDAQ:ENVX) shares changed hands as the company’s beta touched 1.76. With the company’s most recent per share price at $11.52 changed hands at -$0.08 or -0.73% at last look, the market valuation stands at $1.93B. ENVX’s current price is a discount, trading about -107.47% off its 52-week high of $23.90. The share price had its 52-week low at $6.50, which suggests the last value was 43.58% up since then. When we look at Enovix Corporation’s average trading volume, we note the 10-day average is 5.27 million shares, with the 3-month average coming to 4.75 million.

Analysts gave the Enovix Corporation (ENVX) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.17. If we narrow down to specifics, the data shows that 0 out of 12 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 1 recommended ENVX as a Hold, 11 felt it is a Buy and 0 rated the stock as Underweight. Enovix Corporation’s EPS for the current quarter is expected to be -$0.26.

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Enovix Corporation (NASDAQ:ENVX) trade information

Instantly ENVX was in red as seen in intraday trades today. With action 10.72%, the performance over the past five days has been green. The drop to weekly highs of 12.75 on Friday, 11/17/23 subtracted -0.73% to the stock’s daily price. The company’s shares are showing year-to-date downside of -7.44%, with the 5-day performance at 10.72% in the green. However, in the 30-day time frame, Enovix Corporation (NASDAQ:ENVX) is 16.55% up. Looking at the short shares, we see there were 39.85 million shares sold at short interest cover period of 7.97 days.

The consensus price target for the stock as assigned by Wall Street analysts is $28.67, meaning bulls need an upside of 59.82% from its recent market value. According to analyst projections, ENVX’s forecast low is $11.00 with $100.00 as the target high. To hit the forecast high, the stock’s price needs a -768.06% plunge from its current level, while the stock would need to tank 4.51% for it to hit the projected low.

Enovix Corporation (ENVX) estimates and forecasts

Data shows that the Enovix Corporation share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -4.76% over the past 6 months, a -44.07% in annual growth rate that is considerably lower than the industry average of -3.80%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Enovix Corporation will fall -36.80%, while the growth in revenue is estimated to hit -20.00% for the next quarter. Year-over-year growth is forecast to reach -40.50% down from the last financial year.

Consensus estimates given by 9 financial analysts project the company’s revenue in the current quarter to hit an average of $3.38 million. 8 analysts are of the opinion that Enovix Corporation’s revenue for the quarter ending Mar 2024 will be $4.58 million. The company’s revenue for the corresponding quarters a year ago was $1.09 million and $40k respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 209.20%. The estimates for the next quarter sales put growth at 11,350.00%.

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