Ready to Jump After Recent Trade: Enovix Corporation (ENVX)

Enovix Corporation (NASDAQ: ENVX) stock fell -8.80% on Monday to $13.37 against a previous-day closing price of $14.66. With 6.16 million shares changed hands, the volume of the stock remained lighter than its average volume of 7.1 million shares. During the session, the Electrical Equipment & Parts company that operates in wider Industrials sector, reached to the highest price of $14.59 whereas the lowest price it dropped to was $13.32. The 52-week range on ENVX shows that it touched its highest point at $23.90 and its lowest point at $6.50 during that stretch. It currently has a 1-year price target of $32.09. Beta for the stock currently stands at 1.49.

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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 -10.75%, but this was down by -3.74% over a month. Three-month performance dropped to -11.57% while six-month performance rose 19.06%. The stock lost -45.38% in the past year, while it has gained 7.48% so far this year. A look at the trailing 12-month EPS for ENVX yields -1.49 with Next year EPS estimates of -0.93. For the next quarter, that number is -0.23. This implies an EPS growth rate of -43.30% for this year and -8.10% for next year.

Float and Shares Shorts:

At present, 157.15 million ENVX shares are outstanding with a float of 129.60 million shares on hand for trading. On Aug 30, 2023, short shares totaled 37.95 million, which was 23.70% higher than short shares on Jul 30, 2023. In addition to Dr. Thurman John Rodgers Ph.D. as the firm’s Exec. Chairman, Mr. Ajay Marathe serves as its Chief Operating Officer.

Institutional Ownership:

Through their ownership of 51.18% of ENVX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 30.25% of ENVX, in contrast to 29.36% held by mutual funds. Shares owned by individuals account for 20.65%. As the largest shareholder in ENVX with 6.85% of the stake, The Vanguard Group, Inc. holds 10,970,327 shares worth 10,970,327. A second-largest stockholder of ENVX, BlackRock Fund Advisors, holds 7,718,993 shares, controlling over 4.82% of the firm’s shares. Park West Asset Management LLC is the third largest shareholder in ENVX, holding 5,384,841 shares or 3.36% stake. With a 2.32% stake in ENVX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,712,408 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 1.93% of ENVX stock, is the second-largest Mutual Fund holder. It holds 3,085,328 shares valued at 42.52 million. iShares Russell 2000 ETF holds 1.91% of the stake in ENVX, owning 3,063,943 shares worth 42.22 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jul 01, 2023, ENVX reported revenue of $5.10M and operating income of -$28.03M. The EBITDA in the recently reported quarter was -$26.18M and diluted EPS was -$0.18.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ENVX since 0 analysts follow the stock currently. 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 $20.00, the average target price over the next 12 months is $31.42. Based on these targets, ENVX could surge 647.94% to reach the target high and rise by 49.59% to reach the target low. Reaching the average price target will result in a growth of 135.0% 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.

Summary of Insider Activity:

Insiders traded ENVX stock several times over the past three months with 10 Buys and 14 Sells. In these transactions, 260,963 shares were bought while 99,946 shares were sold. The number of buy transactions has increased to 38 while that of sell transactions has risen to 69 over the past year. The total number of shares bought during that period was 4,540,798 while 546,108 shares were sold.

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