We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's Why Enovix Corporation (ENVX) Fell More Than Broader Market
Read MoreHide Full Article
Enovix Corporation (ENVX - Free Report) ended the recent trading session at $10.21, demonstrating a -1.83% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.85%. Meanwhile, the Dow experienced a drop of 0.75%, and the technology-dominated Nasdaq saw a decrease of 0.96%.
The company's stock has dropped by 16.53% in the past month, falling short of the Oils-Energy sector's gain of 0.48% and the S&P 500's loss of 3.02%.
Analysts and investors alike will be keeping a close eye on the performance of Enovix Corporation in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2023. On that day, Enovix Corporation is projected to report earnings of -$0.24 per share, which would represent a year-over-year decline of 60%. Meanwhile, the latest consensus estimate predicts the revenue to be $0.19 million, indicating a 1800% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.87 per share and a revenue of $3.13 million, signifying shifts of -47.46% and -49.5%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enovix Corporation. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Enovix Corporation holds a Zacks Rank of #3 (Hold).
The Alternative Energy - Other industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 145, positioning it in the bottom 43% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Here's Why Enovix Corporation (ENVX) Fell More Than Broader Market
Enovix Corporation (ENVX - Free Report) ended the recent trading session at $10.21, demonstrating a -1.83% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.85%. Meanwhile, the Dow experienced a drop of 0.75%, and the technology-dominated Nasdaq saw a decrease of 0.96%.
The company's stock has dropped by 16.53% in the past month, falling short of the Oils-Energy sector's gain of 0.48% and the S&P 500's loss of 3.02%.
Analysts and investors alike will be keeping a close eye on the performance of Enovix Corporation in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2023. On that day, Enovix Corporation is projected to report earnings of -$0.24 per share, which would represent a year-over-year decline of 60%. Meanwhile, the latest consensus estimate predicts the revenue to be $0.19 million, indicating a 1800% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.87 per share and a revenue of $3.13 million, signifying shifts of -47.46% and -49.5%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enovix Corporation. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Enovix Corporation holds a Zacks Rank of #3 (Hold).
The Alternative Energy - Other industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 145, positioning it in the bottom 43% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.