Enovix Corporation is a leading provider of advanced lithium-ion battery technology. They specialize in the design and manufacturing of high-performance, high-energy density batteries for various applications, including smartphones, wearables, and other portable electronic devices.

Enovix Corporation's stock (ENVX) is currently trending lower on both an absolute and relative basis. From a technical standpoint, the stock has been experiencing a downward trend, with lower highs and lower lows. This indicates a bearish sentiment in the market.

On an absolute basis, the stock's price has been declining steadily over the past few months. This suggests that there is selling pressure and a lack of buying interest in Enovix Corporation's shares.

Furthermore, on a relative basis, the stock has been underperforming compared to its industry peers and the broader market. This indicates that investors may be favoring other companies within the same sector, leading to a relative weakness in Enovix Corporation's stock price.