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

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading activity on Tuesday. Traders bought 43,106 call options on the company. This is an increase of approximately 61% compared to the typical daily volume of 26,838 call options.

Enovix Stock Performance

Shares of ENVX opened at $14.33 on Wednesday. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. Enovix has a 52-week low of $5.70 and a 52-week high of $18.68. The stock has a 50 day moving average price of $9.72 and a 200 day moving average price of $11.14. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -8.90 and a beta of 1.86.

Enovix (NASDAQ:ENVX) last posted 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 firm had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. During the same period last year, the firm posted ($0.27) EPS. Research analysts predict that Enovix will post -1.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock 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, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares in the company, valued at $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction that occurred 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 approximately $4,462,965. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Enovix in the second quarter valued at approximately $39,000. Prospera Private Wealth LLC purchased a new position in Enovix during the 3rd quarter worth $27,000. Headlands Technologies LLC purchased a new position in Enovix during the 2nd quarter worth $97,000. Voisard Asset Management Group Inc. raised its holdings in shares of Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after buying an additional 2,000 shares during the last quarter. Finally, Quest Partners LLC raised its holdings in shares of Enovix by 318.5% in the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after buying an additional 6,294 shares during the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

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.