What's Going On With Enovix Stock After Earnings?

Enovix Corporation ENVX shares are trading higher Thursday after the company posted better-than-expected first-quarter sales results.

The Details:

Enovix said quarterly sales came in at $5.272 million, beating the analyst consensus estimate of $3.779 million by 39.53% and representing a large increase over sales of $21,000 from the same period last year.

The company reported quarterly losses of 31 cents per share which missed the analyst consensus estimate of losses of 29 cents by 6.9%.

Enovix also announced a development agreement with one of the top five smartphone OEMs in the world by unit volume.

"We are thrilled to announce we have advanced our engagement further with one of our top customers by reaching a formal development agreement, underscoring the value and competitive advantage our silicon batteries can provide to the next generation of smartphones, beginning with EX-1M," said Dr. Raj Talluri, CEO of Enovix.

According to data from Benzinga Pro, 31.1% of available Enovix shares are being sold short which may be contributing to the stock's large price move. 

Related News: Enovix Stock Soars On Blockbuster Q1 Sales

How To Buy ENVX Stock:

By now you're likely curious about how to participate in the market for Enovix – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

ENVX Price Action: According to Benzinga Pro, Enovix shares are up 33.6% at $8.70 at the time of publication Thursday. 

Image: Courtesy of Enovix Corporation