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Enovix Corporation (ENVX) Soars 10.8%: Is Further Upside Left in the Stock?
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Enovix Corporation (ENVX - Free Report) shares ended the last trading session 10.8% higher at $11.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6% loss over the past four weeks.
As per an article recently published by the Simply Wall Street, multiple insiders have secured a larger position in Enovix’ shares, over the last 12 months. This indicates increased optimism about the company's prospects among its insiders. This might have led to the latest uptick in ENVX’s share price.
This company is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of -31.6%. Revenues are expected to be $3.37 million, up 208.7% 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, OPAL Fuels Inc. (OPAL - Free Report) , closed the last trading session 0.4% higher at $4.70. Over the past month, OPAL has returned -6.8%.
OPAL Fuels Inc.'s consensus EPS estimate for the upcoming report has changed -19.2% over the past month to $0.13. Compared to the company's year-ago EPS, this represents a change of -27.8%. OPAL Fuels Inc. currently boasts a Zacks Rank of #5 (Strong Sell).
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Enovix Corporation (ENVX) Soars 10.8%: Is Further Upside Left in the Stock?
Enovix Corporation (ENVX - Free Report) shares ended the last trading session 10.8% higher at $11.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6% loss over the past four weeks.
As per an article recently published by the Simply Wall Street, multiple insiders have secured a larger position in Enovix’ shares, over the last 12 months. This indicates increased optimism about the company's prospects among its insiders. This might have led to the latest uptick in ENVX’s share price.
This company is expected to post quarterly loss of $0.25 per share in its upcoming report, which represents a year-over-year change of -31.6%. Revenues are expected to be $3.37 million, up 208.7% 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 #2 (Buy). 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, OPAL Fuels Inc. (OPAL - Free Report) , closed the last trading session 0.4% higher at $4.70. Over the past month, OPAL has returned -6.8%.
OPAL Fuels Inc.'s consensus EPS estimate for the upcoming report has changed -19.2% over the past month to $0.13. Compared to the company's year-ago EPS, this represents a change of -27.8%. OPAL Fuels Inc. currently boasts a Zacks Rank of #5 (Strong Sell).