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

Enovix Co. (NASDAQ:ENVX) was the target of some unusual options trading activity on Monday. Stock investors acquired 42,216 put options on the company. This is an increase of approximately 29% compared to the typical volume of 32,733 put options.

Enovix Stock Down 5.3 %

Shares of NASDAQ ENVX opened at $9.25 on Wednesday. The firm has a market cap of $1.63 billion, a PE ratio of -6.90 and a beta of 1.99. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68. The company’s fifty day simple moving average is $11.89 and its 200 day simple moving average is $10.55. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

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

Insider Activity at Enovix

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

Hedge Funds Weigh In On Enovix

A number of large investors have recently modified their holdings of ENVX. Blue Trust Inc. lifted its position in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after purchasing an additional 957 shares during the last quarter. Able Wealth Management LLC bought a new stake in shares of Enovix during the 4th quarter valued at $34,000. Beacon Capital Management LLC boosted its stake in Enovix by 71.9% in 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 in the last quarter. GAMMA Investing LLC boosted its stake in Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in Enovix during the 2nd quarter valued at about $39,000. 50.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ENVX. TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. B. Riley upgraded shares of Enovix to a “strong-buy” rating in a research note on Tuesday, June 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $30.00 target price on shares of Enovix in a report on Thursday, August 1st. Canaccord Genuity Group boosted their price objective on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Benchmark assumed coverage on shares of Enovix in a report on Monday, July 22nd. They issued a “buy” rating and a $25.00 price objective for the company. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Enovix currently has a consensus rating of “Buy” and a consensus price target of $21.33.

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.