Why Enovix Corporation (ENVX) Stock Could See Much Higher Prices Ahead

Enovix Corporation (NASDAQ: ENVX) is -5.35% lower on its value in year-to-date trading and has touched a low of $7.92 and a high of $23.90 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The ENVX stock was last observed hovering at around $10.70 in the last trading session, with the day’s gains setting it 1.15%.

Currently trading at $11.85, the stock is 19.25% and 3.30% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 7.65 million and changing 10.75% at the moment leaves the stock -10.35% off its SMA200. ENVX registered 38.27% gain for a year compared to 6-month loss of -28.31%. The firm has a 50-day simple moving average (SMA 50) of $1.18k and a 200-day simple moving average (SMA200) of -$7.15.

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The stock witnessed a 2.60% gain in the last 1 month and extending the period to 3 months gives it a 0.85%, and is 22.67% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 7.49% over the week and 6.49% over the month.

Profit margin for the company is -12188.42%. Distance from 52-week low is 49.62% and -50.42% from its 52-week high. The company has generated returns on investments over the last 12 months (-38.70%).

Enovix Corporation quarterly earnings per share for the current quarter are estimated at -$0.27 with sales reaching $3.37M over the same period.The EPS is expected to shrink by -59.64% this year, but quarterly earnings will post -40.70% year-over-year. Quarterly sales are estimated to grow 208.30% in year-over-year returns.

Enovix Corporation (ENVX) Top Institutional Holders

346 institutions hold shares in Enovix Corporation (ENVX), with institutional investors hold 61.14% of the company’s shares. The shares outstanding are 157.46M, and float is at 137.43M with Short Float at 24.67%. Institutions hold 51.12% of the Float.

The top institutional shareholder in the company is Vanguard Group Inc with over 11.34 million shares valued at $204.63 million. The investor’s holdings represent 7.08% of the ENVX Shares outstanding. As of Jun 29, 2023, the second largest holder is Blackrock Inc. with 8.64 million shares valued at $155.79 million to account for 5.39% of the shares outstanding. The other top investors are Park West Asset Management LLC which holds 5.38 million shares representing 3.36% and valued at over $97.14 million, while Goldman Sachs Group Inc holds 1.89% of the shares totaling 3.03 million with a market value of $54.57 million.

Enovix Corporation (ENVX) Insider Activity

A total of 3 insider transactions have happened at Enovix Corporation (ENVX) in the last six months, with sales accounting for 2 and purchases happening 1 times. The most recent transaction is an insider purchase by Talluri Rajendra K ,the company’sPresident and CEO. SEC filings show that Talluri Rajendra K bought 1,434 shares of the company’s common stock on Aug 24 at a price of $13.94 per share for a total of $19990.0. Following the purchase, the insider now owns 2.02 million shares.

Enovix Corporation disclosed in a document filed with the SEC on Aug 11 that ATKINS BETSY S (Director) sold a total of 36,000 shares of the company’s common stock. The trade occurred on Aug 11 and was made at $16.25 per share for $0.58 million. Following the transaction, the insider now directly holds 0.16 million shares of the ENVX stock.

Still, SEC filings show that on Jun 20, ATKINS BETSY S (Director) disposed off 4,528 shares at an average price of $15.02 for $68011.0. The insider now directly holds 195,369 shares of Enovix Corporation (ENVX).