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Here's Why Enovix Corporation (ENVX) Gained But Lagged the Market Today
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In the latest trading session, Enovix Corporation (ENVX - Free Report) closed at $9.42, marking a +1.18% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.25%. Meanwhile, the Dow experienced a rise of 0.97%, and the technology-dominated Nasdaq saw an increase of 1.3%.
The company's shares have seen a decrease of 20.56% over the last month, not keeping up with the Oils-Energy sector's loss of 1.82% and the S&P 500's gain of 1.58%.
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 February 20, 2024. On that day, Enovix Corporation is projected to report earnings of -$0.25 per share, which would represent a year-over-year decline of 31.58%. Simultaneously, our latest consensus estimate expects the revenue to be $3.37 million, showing a 208.72% escalation compared to the year-ago quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Enovix Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.37% higher. Enovix Corporation is currently a Zacks Rank #2 (Buy).
The Alternative Energy - Other industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 212, finds itself in the bottom 16% echelons 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Here's Why Enovix Corporation (ENVX) Gained But Lagged the Market Today
In the latest trading session, Enovix Corporation (ENVX - Free Report) closed at $9.42, marking a +1.18% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 1.25%. Meanwhile, the Dow experienced a rise of 0.97%, and the technology-dominated Nasdaq saw an increase of 1.3%.
The company's shares have seen a decrease of 20.56% over the last month, not keeping up with the Oils-Energy sector's loss of 1.82% and the S&P 500's gain of 1.58%.
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 February 20, 2024. On that day, Enovix Corporation is projected to report earnings of -$0.25 per share, which would represent a year-over-year decline of 31.58%. Simultaneously, our latest consensus estimate expects the revenue to be $3.37 million, showing a 208.72% escalation compared to the year-ago quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Enovix Corporation. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.37% higher. Enovix Corporation is currently a Zacks Rank #2 (Buy).
The Alternative Energy - Other industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 212, finds itself in the bottom 16% echelons 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.