Enovix Corporation (NASDAQ:ENVX) shares are trading lower on Tuesday after a short report from Sunday, June 18 circulated among traders.
What To Know:
According to BZ Pro, traders were circling a short report from Pig Farmer Capital over the weekend calling the company’s battery technology “overhyped.”
ENVX stock traded higher last week after Enovix announced that the company had already met its second-quarter manufacturing goal of 18,000 units out of its Fab1 location. The company also stated that it now expects to exceed its previous outlook for the second quarter.
Ajay Marathe, COO at Enovix, said, “Our value proposition — performance, safety and quality, is unmatched and we are poised to disrupt the industry. With our silicon mindset and commitment to operational excellence, I’m confident we will be the leader in advanced next-generation batteries that power the technologies of the future.”
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ENVX Price Action: According to Benzinga Pro, Enovix shares are trading 6% lower at $14.22 at the time of publication.
Image: kaboompics from Pixabay
