What's Going On With Enovix Stock Thursday?
Portfolio Pulse from Adam Eckert
Enovix Corp (NASDAQ:ENVX) shares are trading lower despite beating analyst estimates on revenue and earnings. The company reported revenue of $3.768 million and a loss of 14 cents per share, both better than expected. Enovix announced new collaboration agreements, including one with a Fortune 200 company for IoT batteries and an MOU with a global automotive OEM for EV batteries. Despite initial gains, the stock fell 15.7% to $12.16.
August 01, 2024 | 5:37 pm
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Enovix Corp shares fell 15.7% despite beating earnings estimates and announcing new collaboration agreements. The company reported revenue of $3.768 million and a loss of 14 cents per share, both better than expected. New deals include a collaboration with a Fortune 200 company for IoT batteries and an MOU with a global automotive OEM for EV batteries.
Despite positive earnings and new collaboration agreements, the stock fell 15.7%. This suggests that investors may have had higher expectations or concerns about future performance. The new deals in IoT and EV markets are positive long-term but did not prevent the short-term decline.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100