Investors Buy High Volume of Enovix Call Options (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading activity on Monday. Investors purchased 35,316 call options on the stock. This represents an increase of approximately 25% compared to the typical daily volume of 28,170 call options.

Enovix Stock Performance

ENVX stock traded up $1.44 during midday trading on Monday, reaching $10.69. 6,570,799 shares of the company’s stock traded hands, compared to its average volume of 5,577,560. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The stock has a market cap of $1.90 billion, a P/E ratio of -6.74 and a beta of 1.99. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99. The stock’s 50-day moving average is $10.05 and its 200 day moving average is $11.32.

Enovix (NASDAQ:ENVX) last announced its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the prior year, the company earned ($0.27) earnings per share. As a group, analysts anticipate that Enovix will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. dropped their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price (down previously from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Insider Activity at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 15.70% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

A number of hedge funds and other institutional investors have recently modified their holdings of ENVX. Prospera Private Wealth LLC purchased a new stake in shares of Enovix in the third quarter worth $27,000. Blue Trust Inc. increased its stake in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix during the second quarter worth $39,000. Finally, Voisard Asset Management Group Inc. boosted its position in shares of Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.