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Strength Seen in Enovix Corporation (ENVX): Can Its 10.9% Jump Turn into More Strength?
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Enovix Corporation (ENVX - Free Report) shares rallied 10.9% in the last trading session to close at $15.12. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.8% gain over the past four weeks.
Enovix has already achieved its quarterly milestone of manufacturing 18,000 cells before the end of the second quarter of 2023, as stated by the company on 15th June. This must have boosted investors’ confidence in this stock, thereby resulting in the latest uptick in ENVX’s share price.
This company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -76.9%. Revenues are expected to be $0.28 million, down 94.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Enovix Corporation, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ENVX going forward to see if this recent jump can turn into more strength down the road.
Enovix Corporation belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Crescent Energy (CRGY - Free Report) , closed the last trading session 0.7% lower at $10.31. Over the past month, CRGY has returned 0.1%.
Crescent Energy's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. Compared to the company's year-ago EPS, this represents a change of -95.9%. Crescent Energy currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Enovix Corporation (ENVX): Can Its 10.9% Jump Turn into More Strength?
Enovix Corporation (ENVX - Free Report) shares rallied 10.9% in the last trading session to close at $15.12. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 12.8% gain over the past four weeks.
Enovix has already achieved its quarterly milestone of manufacturing 18,000 cells before the end of the second quarter of 2023, as stated by the company on 15th June. This must have boosted investors’ confidence in this stock, thereby resulting in the latest uptick in ENVX’s share price.
This company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -76.9%. Revenues are expected to be $0.28 million, down 94.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Enovix Corporation, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ENVX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Enovix Corporation belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Crescent Energy (CRGY - Free Report) , closed the last trading session 0.7% lower at $10.31. Over the past month, CRGY has returned 0.1%.
Crescent Energy's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. Compared to the company's year-ago EPS, this represents a change of -95.9%. Crescent Energy currently boasts a Zacks Rank of #3 (Hold).