Is Enovix Corporation (NASDAQ: ENVX) a smart move or a risky gamble for your portfolio?

In the latest trading session, 0.91 million Enovix Corporation (NASDAQ:ENVX) shares changed hands as the company’s beta touched 1.75. With the company’s most recent per share price at $12.07 changing hands around $0.22 or 1.88% at last look, the market valuation stands at $2.03B. ENVX’s current price is a discount, trading about -98.01% off its 52-week high of $23.90. The share price had its 52-week low at $7.92, which suggests the last value was 34.38% up since then. When we look at Enovix Corporation’s average trading volume, we note the 10-day average is 4.02 million shares, with the 3-month average coming to 1.53.

Enovix Corporation (NASDAQ:ENVX) trade information

Instantly ENVX is in green as seen in intraday trades today. With action 32.08%, the performance over the past five days has been green. The jump to weekly highs of 12.09 added 1.88% to the stock’s daily price. The company’s shares are showing year-to-date downside of -3.58%, with the 5-day performance at 32.08% in the green. However, in the 30-day time frame, Enovix Corporation (NASDAQ:ENVX) is 6.08% up. Looking at the short shares, we see there were 33.91 million shares sold at short interest cover period of 8.33 days.

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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 -25.06% over the past 6 months, a -44.07% in annual growth rate that is considerably lower than the industry average of -4.50%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Enovix Corporation will fall -42.10%, while the growth in revenue is estimated to hit -20.00% for the next quarter. Year-over-year growth is forecast to reach -40.70% down from the last financial year.

Consensus estimates given by 11 financial analysts project the company’s revenue in the current quarter to hit an average of $3.37 million. 10 analysts are of the opinion that Enovix Corporation’s revenue for the quarter ending Mar 2024 will be $4.56 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 208.30%. The estimates for the next quarter sales put growth at 11,300.00%.

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