Why did envx go down?

Enovix Corporation (ENVX) experienced a notable decline in its stock price, with a 6.34% decrease on February 22, 2024. To understand the catalyst behind this downward movement, let's analyze the available data and news:1. Market Performance: On the day of the decline, ENVX underperformed compared to the broader market. The S&P 500 Index showed a positive trend with a 1.84% increase, while ENVX dropped by 6.34%. This divergence suggests that specific factors related to ENVX were at play.2. Recent Performance and Sector Trends: Over the past month, ENVX had experienced a 17.3% increase, outperforming the Oils-Energy sector, which saw a loss of 0.35%. However, this recent decline indicates a reversal in the stock's upward trend.3. Options Activity and Investor Sentiment: There was significant options activity in ENVX, with deep-pocketed investors adopting a bullish approach. This could indicate anticipation of a significant event or development related to the company.4. Financial Results and Guidance: ENVX reported mixed Q4 earnings, with revenue beating estimates but an adjusted loss per share missing expectations. The company's guidance for the first quarter was lower than estimates, which could have negatively impacted investor sentiment.In summary, the catalyst for ENVX's decline seems to be a combination of specific company-related factors, including mixed financial results, lower-than-expected guidance, and the anticipation of a significant event or development, as indicated by the bullish options activity. These factors influenced investor sentiment and contributed to the stock's downward movement.${富文本块}${富文本块}