Enovix Target of Unusually High Options Trading (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading activity on Monday. Investors bought 42,216 put options on the stock. This represents an increase of 29% compared to the typical daily volume of 32,733 put options.

Insider Buying and Selling at Enovix

In other Enovix news, Director Gregory Reichow sold 7,500 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the transaction, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 17.30% of the stock is currently owned by insiders.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. increased its position 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 acquiring an additional 957 shares in the last quarter. Able Wealth Management LLC purchased a new position in Enovix in the fourth quarter valued at about $34,000. Beacon Capital Management LLC lifted its stake in shares of Enovix by 71.9% during the first quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after purchasing an additional 1,798 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Enovix by 11,176.2% in the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after buying an additional 2,347 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix in the second quarter valued at about $39,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Up 0.7 %

ENVX stock opened at $9.77 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. The company’s 50 day simple moving average is $12.05 and its 200-day simple moving average is $10.55. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68. The firm has a market capitalization of $1.72 billion, a PE ratio of -7.29 and a beta of 1.99.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. The business had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Equities analysts expect that Enovix will post -1.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Craig Hallum upped their price target on Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Piper Sandler reiterated an “overweight” rating and set a $19.00 price target (down from $23.00) on shares of Enovix in a research note on Monday, August 5th. Finally, TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $21.33.

About Enovix

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.