Enovix (ENVX) Bleeds Heavily Amid Broader Market Pessimism

We recently published 10 Stocks Investors Are Dumping Fast. Enovix Corporation (NASDAQ:ENVX) is one of the worst-performing stocks on Friday.

Enovix fell for a fourth consecutive day on Friday, losing 20.11 percent to close at $10.7 apiece, as investors appeared to have been dampened by the broader market pessimism, selling off positions and shunning its improved earnings performance in the second quarter of the year.

In its financial statement, Enovix Corporation (NASDAQ:ENVX) said it narrowed its attributable net loss by 79 percent to $23.5 million from $115.9 million in the same period last year, as revenues climbed by 98 percent to $7.47 million from $3.77 million in the same period last year.

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Looking ahead, Enovix Corporation (NASDAQ:ENVX) expects revenues to grow sequentially in the third quarter of the year, although it projects a slight increase in net operating loss.

In other news, Enovix Corporation (NASDAQ:ENVX) advised its warrant holders that its share price has already traded above the $10.5 price for nine consecutive days in a row, and that it may trigger an early expiration if the stock continues to trade above the said level for 20 consecutive days.

Warrant holders are advised to exercise their warrants before the early expiration, with their warrants now at a potential upside of $1.96 from the exercise price of $8.75 apiece.