We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where Enovix Corporation (NASDAQ:ENVX) stands against other tech, energy stocks are Wednesday’s worst performers.
Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.
In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.
We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.
A close-up of a battery cell being assembled with intricate precision.
Enovix Corp. (NASDAQ:ENVX)
Enovix Corporation (NASDAQ:ENVX) saw its share price drop by 14.65 percent to finish at $12.23 apiece as investors resorted to profit-taking following gains in the previous day.
In recent news, the company announced that it recently secured a significant pre-paid purchase order from a leading AI and immersive technology company for custom battery solutions designed for Mixed Reality (MR) wearables.
The batteries are expected to power next-generation head-worn devices, including smart glasses and augmented reality products.
According to Enovix (NASDAQ:ENVX), initial shipments are scheduled for mid-2025, with production taking place at the company’s Fab2 facility in Penang, Malaysia.
Overall, ENVX ranks 4th on our list of tech, energy stocks are Wednesday’s worst performers. While we acknowledge the potential of ENVX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ENVX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.