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

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading on Tuesday. Stock investors purchased 43,106 call options on the stock. This represents an increase of approximately 61% compared to the typical daily volume of 26,838 call options.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. JPMorgan Chase & Co. cut their price target on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. 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 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, the company has a consensus rating of “Moderate Buy” and an average price target of $20.50.

Enovix Trading Down 14.7 %

NASDAQ ENVX opened at $12.23 on Thursday. The stock has a market capitalization of $2.18 billion, a P/E ratio of -7.60 and a beta of 1.86. The business has a 50 day simple moving average of $9.75 and a 200 day simple moving average of $11.15. 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 one year low of $5.70 and a one year high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. During the same quarter in the previous year, the business posted ($0.27) EPS. Research analysts expect that Enovix will post -1.17 earnings per share for the current year.

Insider Activity

In other news, 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 value of $455,000.00. Following the sale, the insider now directly owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s 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 transaction, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. bought a new stake in Enovix in the 3rd quarter valued at about $117,000. Franklin Resources Inc. grew its stake in Enovix by 81.4% in the third quarter. Franklin Resources Inc. now owns 79,559 shares of the company’s stock valued at $743,000 after acquiring an additional 35,711 shares during the period. Sanctuary Advisors LLC increased its holdings in shares of Enovix by 37.2% during the third quarter. Sanctuary Advisors LLC now owns 165,703 shares of the company’s stock valued at $1,563,000 after acquiring an additional 44,956 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Enovix during the third quarter worth approximately $205,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Enovix by 5.4% in the 3rd quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after purchasing an additional 182,757 shares in the last quarter. Institutional investors and hedge funds 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.