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

Enovix Co. (NASDAQ:ENVX) was the recipient of some unusual options trading on Friday. Stock traders acquired 31,571 call options on the stock. This is an increase of 23% compared to the average volume of 25,690 call options.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Enovix Trading Up 21.2 %

ENVX stock opened at $9.73 on Friday. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The business has a 50 day simple moving average of $9.68 and a two-hundred day simple moving average of $11.19. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -6.04 and a beta of 1.94.

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

Insider Activity

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the sale, the insider now directly owns 343,305 shares in the company, valued at $4,462,965. The trade was a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the completion of the transaction, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The disclosure for this sale can be found here. Insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in Enovix in the 3rd quarter worth approximately $27,000. Blue Trust Inc. increased its position in 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 during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix during the second quarter valued at $39,000. Voisard Asset Management Group Inc. lifted its position in Enovix by 40.0% during the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Quest Partners LLC grew its stake in shares of Enovix by 318.5% in the 3rd quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after buying an additional 6,294 shares in the last quarter. 50.92% of the stock is owned by institutional investors.

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.