Traders Buy Large Volume of Call Options on Enovix (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of some unusual options trading on Thursday. Stock traders purchased 41,377 call options on the stock. This represents an increase of approximately 21% compared to the typical daily volume of 34,227 call options.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $9.01 on Friday. Enovix has a one year low of $5.70 and a one year high of $18.68. 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 has a market cap of $1.59 billion, a price-to-earnings ratio of -5.59 and a beta of 1.98. The firm has a 50 day simple moving average of $10.06 and a 200 day simple moving average of $11.05.

Enovix (NASDAQ:ENVX) last announced its quarterly 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. The company had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative return on equity of 91.21% and a negative net margin of 1,434.34%. During the same period in the prior year, the company earned ($0.27) EPS. Research analysts predict that Enovix will post -1.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ENVX has been the topic of several research reports. Canaccord Genuity Group upped their price target on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Enovix in a report on Wednesday. TD Cowen boosted their price target on Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a report on Thursday. Finally, Craig Hallum upped their target price on Enovix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Buying and Selling at Enovix

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.70% of the company’s stock.

Institutional Trading of Enovix

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its position in Enovix by 102.1% during the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after purchasing an additional 957 shares during the last quarter. GAMMA Investing LLC lifted its stake 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 acquiring an additional 2,347 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Enovix in the second quarter valued at approximately $39,000. Beacon Capital Management LLC raised its holdings in Enovix by 71.9% during the 1st 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 during the last quarter. Finally, Voisard Asset Management Group Inc. lifted its position in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after purchasing an additional 1,000 shares during the period. 50.92% of the stock is currently owned by 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.