The time has not yet come to remove your chips from the table: Enovix Corporation (ENVX)

Enovix Corporation (NASDAQ: ENVX) stock jumped 2.98% on Friday to $7.96 against a previous-day closing price of $7.73. With 2.57 million shares changed hands, the volume of the stock remained lighter than its average volume of 4.5 million shares. During the session, the Electrical Equipment & Parts company that operates in wider Industrials sector, reached to the highest price of $8.15 whereas the lowest price it dropped to was $7.73. The 52-week range on ENVX shows that it touched its highest point at $26.30 and its lowest point at $6.50 during that stretch. It currently has a 1-year price target of $31.04.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ENVX was down-trending over the past week, with a drop of -6.68%, but this was down by -25.95% over a month. Three-month performance dropped to -51.26% while six-month performance fell -29.81%. The stock lost -53.48% in the past year, while it has lost -36.01% so far this year. A look at the trailing 12-month EPS for ENVX yields -0.86 with Next year EPS estimates of -0.72. For the next quarter, that number is -0.16. This implies an EPS growth rate of 12.30% for this year and -26.30% for next year.

Float and Shares Shorts:

At present, 153.33 million ENVX shares are outstanding with a float of 127.53 million shares on hand for trading. On Oct 13, 2022, short shares totaled 12.26 million, which was 7.80% higher than short shares on Sep 14, 2022. In addition to Mr. Harrold J. Rust as the firm’s Co-Founder, CEO, Pres & Director, Mr. Ashok Lahiri serves as its Founder & CTO.

Institutional Ownership:

Through their ownership of 59.52% of ENVX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 31.27% of ENVX, in contrast to 27.67% held by mutual funds. Shares owned by individuals account for 17.07%. As the largest shareholder in ENVX with 6.94% of the stake, The Vanguard Group, Inc. holds 10,897,123 shares worth 10,897,123. A second-largest stockholder of ENVX, Park West Asset Management LLC, holds 9,095,805 shares, controlling over 5.79% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in ENVX, holding 5,964,791 shares or 3.80% stake. With a 2.12% stake in ENVX, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 3,326,542 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 1.80% of ENVX stock, is the second-largest Mutual Fund holder. It holds 2,833,512 shares valued at 35.25 million. iShares Russell 2000 ETF holds 1.55% of the stake in ENVX, owning 2,433,602 shares worth 30.27 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ENVX since 12 analysts follow the stock currently. There are 12 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ENVX analysts setting a high price target of $100.00 and a low target of $18.00, the average target price over the next 12 months is $31.04. Based on these targets, ENVX could surge 1156.28% to reach the target high and rise by 126.13% to reach the target low. Reaching the average price target will result in a growth of 289.95% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ENVX will report FY 2022 earnings on 03/01/2024. Analysts have provided yearly estimates in a range of -$0.48 being high and -$0.59 being low. For ENVX, this leads to a yearly average estimate of -$0.56. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Enovix Corporation surprised analysts by $0.01 when it reported -$0.15 EPS against a consensus estimate of -$0.16. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is -$0.14 and the low estimate is -$0.22. The average estimate for the next quarter is thus -$0.17.

Summary of Insider Activity:

Insiders traded ENVX stock several times over the past three months with 2 Buys and 11 Sells. In these transactions, 1,233,000 shares were bought while 269,099 shares were sold. The number of buy transactions has increased to 35 while that of sell transactions has risen to 45 over the past year. The total number of shares bought during that period was 2,311,732 while 5,509,664 shares were sold.

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