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Enovix Corporation

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ENVX trade ideas

Envx weekly breakoutAfter a long period of consolidating envx on the weekly has broken out of a major downward trend line at around the $12.50 level. It is currently forming an ascending triangle on the lower time frame charts. Along with the technicals the fundamental side of this company looks pretty good. I do expect more upside moving forward. Major support can be found around $12 to $12.50 area which would give best risk to reward if looking for an entry. Another idea is to wait for a couple daily closes over $14.75 for further upside.
NASDAQ:ENVXLong
by jluong2
ENVX short to $9 (Target made)Much sooner than anticipated. TA & math works Initial post Calculations: -Neckline = $12. -Implied PT to complete the structure: 15.48(03/31 high) - 12.00(neckline) = 3.48(height of the cup) -12.00(neckline)-3.48(cup height) = $8.52 which is in line with a .236 retracement (8.62). -Being more conservative and using the 03/31 closing price (14.91) instead of the high for the calculations, your PT is 12.00-2.91= $9.09. - ~8.52-$9.09 just so happens to have been a trading range not long ago illustrated by the green lines
NASDAQ:ENVX
by EquityCast
1
$ENVX A Path To Silicon HegemonyWhile there are a handful of companies that produce silicon-based lithium batteries, Enovix Corporation (NASDAQ: ENVX) is considered to be one of the more promising companies in this space due to its plans for mass production and the quality of its batteries. As a battery producer that uses silicon instead of carbon graphite to construct its batteries, ENVX has an edge over lithium-ion batteries. To ramp up production, ENVX signed an LOI with YBS International Berhad to establish a facility for this purpose. While ENVX stock ran 38% on this announcement, the company is scheduled to release its Q1 earnings report on April 26th which will provide more information on its goals for mass production. Some investors may zero in on this upcoming catalyst, and as a result, miss the bigger picture. Fixating on fiscal indicators may be too nearsighted since the value of ENVX stock will likely emerge in the long-term. ENVX Fundamentals ENVX’s allure was not simply brought about by its plans to scale up operations, rather the demand its batteries could receive is a significant draw for investors. Considering that lithium batteries are used in everything from laptops to EVs to power tools, if ENVX succeeds in mass-producing batteries which store twice the conventional amount of energy and do not pose a fire hazard, then it could easily dominate the market. Usually grand aspirations are met with a grain of salt, however this is not the case for ENVX. With its products already available on the market and an impressive although secret list of customers -seven of which have a market cap over HKEX:200 billion – ENVX’s batteries have proven their potential. Given ENVX’s detailed timeline for achieving mass production, investors’ confidence in the company has recently been bolstered by its plans for 2023 and beyond. Enovix & the EV Industry Even if ENVX achieves mass production, it will still need to attract customers for its products. With this in mind, ENVX’s Chairman T.J Rogers stated that ENVX has recently been engaging with more EV manufacturers. This comes after ENVX shipped its batteries to a tier 1 EV producer and 10 renowned OEMS for testing in Q3 2022. Building relationships with automakers this early on is an encouraging sign and if ENVX’s batteries are adopted by major automakers its batteries could become the standard moving forward. The EV industry and ENVX’s batteries could be an incredible pairing considering that conventional carbon graphite lithium batteries can burn due to overheating and they store less energy than silicon batteries. Since silicon batteries can store more lithium ions given the same mass, they can store more electricity gram for gram than carbon graphite. Despite this edge, silicon batteries have some drawbacks. Silicon swells as it charges and they are not as easily manufactured – something ENVX is working to overcome. As is, no corporation has ever mass produced silicon batteries before. Sila Nanotechnologies and Group14 Technologies are currently regarded as silicon battery specialists by the EV industry, however neither are ready to mass produce. One reason, ENVX may be the first to mass produce silicon batteries is its solution for silicon’s notorious swelling issue. Since it has developed the technology to prevent it, ENVX likely has an edge over its competitors. Meanwhile, ENVX is working to secure joint ventures and licensing. This is a critical step for the company’s after achieving mass production because licensing provides the necessary legal framework to enter the EV market and JVs can provide connections and industry knowledge. In short, if ENVX succeeds in mass producing a battery that is unparalleled by current standards then it will lead to top-line growth and ENVX stock price will likely appreciate as well. Plans for Mass Production Another notable step towards mass production is ENVX’s plan to open a factory in Malaysia. Thanks to an LOI with YBS International Berhad, ENVX will use a YBS building for its Fab-2 facility – the cornerstone of ENVX’s mass production plan. In exchange YBS will bear a significant fiscal stake in its production line, Gen-2 line 1, which is designed to increase ENVX’s production speed tenfold. The Fab-2 facility is a turning point for the company because, unlike Fab-1, it is a high volume manufacturing facility capable of producing 9.5-18.9 million units per Gen 2 line based on cell size. Since this was the first step towards producing the first ever high volume manufacturing facility for silicon batteries, investors responded to the event causing ENVX stock to run 38% on the news. However, the Fab-2 facility is only one piece of ENVX’s production plans. In order to achieve the rest of its production goals, it is offering HKEX:150 million in convertible senior notes due 2028. Out of the HKEX:150 million, HKEX:10 million will be purchased by an organization affiliated with ENVX’s Chairman. Capital raised by the senior notes, along with the HKEX:70 million in non-dilutive financing the company is pursuing, will be used to build four production lines. These production lines are expected to produce between 38-75 million batteries a year – a notable increase from the company’s plans to produce 180 thousand batteries this year. In addition to ENVX’s facility in Penang, Malaysia, ENVX has an active facility in Fremont California where ENVX is developing a new production line to provide more flexibility alongside its Gen 2 production line. The Agility Line as it is called, is designed to take care of custom cells which will accommodate the many machines of different sizes and shapes that may use ENVX’s batteries. The first Agility Line is expected to be installed in Fab-1 by the end of 2023. In this way, ENVX will drastically speed up production using its Gen 2 line while incorporating greater flexibility through the Agility Line – ultimately increasing the units produced. Insider Buying Herculean effort aside, ENVX insiders seem optimistic about the company’s trajectory. ENVX Chairman, T.J Rodgers bought $5.38 million worth of shares in March – possibly due to his confidence in ENVX’s manufacturing capabilities. Another notable ENVX shareholder is Marc Cohodes – a notorious bear. Cohodes has amassed a following thanks to his work uncovering fraud and predicting corporate collapse. He’s viewed as a hardened pessimist, which is why his decision to go long is notable. His interest in ENVX stock has rubbed off on his supporters as well – driving up interest in ENVX stock. ENVX Short Data Given that ENVX is attempting to do what has never been done before, its no surprise that some are bearish on ENVX stock. Currently, ENVX has a short interest of 26%, and 100% utilization. The short interest has crept up along with the ENVX stock which has risen 59% since February 22nd. ENVX Earnings As is, ENVX is expected to release its Q1 2023 earnings after hours on April 26th. The street expects an EPS loss of -$.223 and $43.8 thousand in revenue. Since ENVX is still an unprofitable company – posting a net loss of $51.6 million in 2022 – the market’s reaction to Q1 earnings will mostly depend on the its guidance. ENVX estimates that it will produce north of 9,000 units in Q1 2023, doubling its production from Q1 2022. In fact, the company plans to double production each quarter. According to its latest 8-K filing, ENVX produced 12.5 thousand batteries, surpassing its estimate by 3,5000 units. If guidance at its upcoming earnings projects a rate of production that more than doubles by Q2, this this could be catalyst for ENVX stock. ENVX Financials According to its 2022 earnings report, assets decreased slightly from HKEX:482 million to HKEX:440 million, meanwhile liabilities decreased drastically from HKEX:156 million to HKEX:84 million. In terms of revenues, ENVX realized HKEX:6 million in 2022, however, the cost of revenue was $23.2 million resulting in a gross loss of HKEX:17 million. Additionally, total operational costs skyrocketed YoY – increasing from $67 million to HKEX:114 million. ENVX’s net loss in 2022 was HKEX:51 million which is an improvement from 2021’s net loss of $125.8 million. Considering that ENVX’s operations are cost intensive and the company is in the midst of scaling up its operations, the company is likely still far from becoming profitable. Technical Analysis ENVX stock is currently trading in an upwards channel, above the 200 MA on the hourly timeframe. After testing the lower trendline, ENVX is trading below the 50 and 21 MA. The 200 and 50 MA appear to be drawing together for a death cross – signaling a trend shift. So far the $12.28 support and lower trendline have held which is a bullish sign, the RSI is at 42 and the MACD is bearish but approaching a crossover. Fundamentally, the stock’s pullback is likely due to the company’s HKEX:150 million offering. However, ENVX’s upcoming Q1 earnings on April 26th is a catalyst for ENVX stock. Considering that the stock increased 59% since its last earnings despite missing expectations, the stock’s performance will likely depend on production guidance. Since ENVX’s Chairman and CEO purchased shares in March, this insider buying could be a bullish sign for ENVX’s guidance. A possible play could be to take a lotto position ahead of ENVX’s earnings. Considering the high short interest, buying from company insiders, and the company’s beat on production numbers for Q1, ENVX stock could be on track to surprise – possibly triggering a short squeeze. ENVX Forecast With short interest reaching 26% it appears investors are bearish on the company’s upcoming earnings. Yet, ENVX is attempting to do what has never been done before on such a scale. This type of venture typically attacks criticism, but considering ENVX has attracted the attention of a notorious bear like Cohodes there may be more to this battery producer then meets the eye. The company’s upcoming earnings will provide investors with updates on the Fab-2 facility and its production goals – helping many decide whether ENVX is worth a long-term investment. As is, many ENVX investors are not simply waiting for the next catalyst. They are waiting until Fab-2 floods the market with silicon batteries. Since silicon batteries far out weigh the benefits of any lithium-ion battery, if they enter the market in mass, then the battery industry will never be the same. ENVX is one of a handful of companies with the potential to define this industry and for investors bullish on its odds, it could be a worth-while investment.
NASDAQ:ENVX
by Penny_Stocks_Today
Short ENVX to $9I have not entered yet but will be looking to do so. There is a clear inverse cup & handle forming on the daily. The indicators are rolling over. Calculations: -Neckline = $12. -Implied PT to complete the structure: 15.48(03/31 high) - 12.00(neckline) = 3.48(height of the cup) -12.00(neckline)-3.48(cup height) = $8.52 which is in line with a .236 retracement (8.62). -Being more conservative and using the 03/31 closing price (14.91) instead of the high for the calculations, your PT is 12.00-2.91= $9.09. - ~8.52-$9.09 just so happens to have been a trading range not long ago illustrated by the green lines
NASDAQ:ENVXShort
by EquityCast
1
ENVX SHORT?Contrary to the report by loop capital... I foresee the beginning of a long-term bearish trend based solely on TA. To be clear, I don't disagree with the analysis of loop capital , I just think that TA is more honest and it suggests that we are likely to test the bull band and perhaps drop below it. That being said, I plan to swing trade the shares, sell CC and open Long Synthetic Futures because regardless of the bearish trend, their position to manufacture batteries and license them out could allow them unlimited growth. That being said, it would require leadership and networking skill by the executive staff to close those deals.
NASDAQ:ENVX
by livingdracula
2
Enovix / ENVX - A Close ShaveI don't know anything about this corporation, except that one of the services I follow on Twitter was promoting it yesterday saying ENVX is "one of our favorite stocks" and "it's on the move" because something something dealer gamma something something indicators. Of course, this was yesterday right as it was sitting below making a new high and has since manufactured "resistance" with quite the pullback. It really shows you what following these "services" is worth. They're there to encourage you, somehow, to buy when it's high and sell when it's low, but not the other way around. Almost like they're some sort of public relations squad masquerading as a technical indicator. The new high it made happened to be an 8 cent stop sweep on the daily candles. The problem with indicators and other forms of retail-facing "quant" analysis is they're usually lagging and they usually have you looking where it isn't important, thereby serving as a huge distraction and confusing you. I also don't care too much about the "fundamentals" of any stock. So long as it hasn't been rug pulled by the market makers because it's on the edge of public bankruptcy, I believe that the truth of all markets is reflected in the price action and reflected in the price action alone. Right above this pair of August highs is the January 1 high. Since market makers tend to be attracted to the low hanging fruit, like everyone else, it makes more sense that they'd go for it and the $30 big figure before they'd dump beneath the $18 earnings news pump. I think you get a "close shave" fine scalp going long around $21, so long as you get out over $30, and you have to call it quits under $18. It is worth noting that at $22, we're still trading at a premium in the local price impulse, so $19.xx might be where it's at. Although I have mixed feelings about whether it will, and whether I want to see it, break $20 on the way down. What lies ahead for the overall market is not going to be pretty, but in the interim, several stocks will still have some bull impulses before being entirely drug down by a market that gives one the impression that we're amid the real bubble pop recession crash landing. If you go for the scalp, keep your risk low and get cash heavy when you get the chance. Today's action on the Indexes is just a prelude of the "chaos" to come. If you've been getting long at the tops thinking it's time for the New Moon, consider reducing your risk and protect yourself.
NASDAQ:ENVX
by LordWrymouth
Will Fundamentals Overcome Growth Stock Downward Pressure?Enovix has been steadily building momentum since their SPAC business combination and NASDAQ listing in mid 2021 however, the price action has recently reached a low, in-sync with the downward trend of other growth stocks as news that central banks would be increasing interest rates spreads uncertainty. Enovix's leadership team has laid out clear promises of commercial production and product revenue expectations in Q1 and Q2 2022. The price action may begin to take a turn upward and begin it's ascent back towards analysts predictions of $40.
NASDAQ:ENVXLong
by hashcrown