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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) ended the recent trading session at $10.26, demonstrating a -0.39% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.81%. Elsewhere, the Dow gained 0.39%, while the tech-heavy Nasdaq added 1.35%.
Heading into today, shares of the company had lost 26.95% over the past month, lagging the Oils-Energy sector's loss of 2.28% and the S&P 500's loss of 6.19% in that time.
The upcoming earnings release of Enovix Corporation will be of great interest to investors. The company is predicted to post an EPS of -$0.24, indicating a 60% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $0.59 million, up 5810% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.87 per share and revenue of $4.42 million, indicating changes of -47.46% and -28.76%, respectively, compared to the previous 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. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Enovix Corporation is currently sporting a Zacks Rank of #3 (Hold).
The Alternative Energy - Other industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% of all 250+ industries.
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.
To follow ENVX in the coming trading sessions, be sure to utilize Zacks.com.
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Enovix Corporation (ENVX) Stock Drops Despite Market Gains: Important Facts to Note
Enovix Corporation (ENVX - Free Report) ended the recent trading session at $10.26, demonstrating a -0.39% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.81%. Elsewhere, the Dow gained 0.39%, while the tech-heavy Nasdaq added 1.35%.
Heading into today, shares of the company had lost 26.95% over the past month, lagging the Oils-Energy sector's loss of 2.28% and the S&P 500's loss of 6.19% in that time.
The upcoming earnings release of Enovix Corporation will be of great interest to investors. The company is predicted to post an EPS of -$0.24, indicating a 60% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $0.59 million, up 5810% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.87 per share and revenue of $4.42 million, indicating changes of -47.46% and -28.76%, respectively, compared to the previous 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. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Enovix Corporation is currently sporting a Zacks Rank of #3 (Hold).
The Alternative Energy - Other industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% of all 250+ industries.
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.
To follow ENVX in the coming trading sessions, be sure to utilize Zacks.com.