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Enovix Corporation (ENVX) Stock Drops Despite Market Gains: Important Facts to Note

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Enovix Corporation (ENVX - Free Report) closed at $9.30 in the latest trading session, marking a -0.64% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 1.03%. Elsewhere, the Dow gained 0.34%, while the tech-heavy Nasdaq added 1.51%.

The company's stock has dropped by 3.7% in the past month, falling short of the Oils-Energy sector's gain of 4.1% and the S&P 500's gain of 3.21%.

The investment community will be closely monitoring the performance of Enovix Corporation in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$0.28, marking a 40% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $4.23 million, indicating a 21040% upward movement from the same quarter last year.

ENVX's full-year Zacks Consensus Estimates are calling for earnings of -$0.90 per share and revenue of $22.38 million. These results would represent year-over-year changes of -3.45% and +192.71%, respectively.

Investors might also notice recent changes to analyst estimates 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 exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.62% higher. As of now, Enovix Corporation holds a Zacks Rank of #3 (Hold).

The Alternative Energy - Other industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 160, this industry ranks in the bottom 37% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.


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