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

Enovix Co. (NASDAQ:ENVX) was the recipient of unusually large options trading on Thursday. Traders acquired 41,377 call options on the stock. This is an increase of 21% compared to the typical volume of 34,227 call options.

Enovix Stock Down 14.1 %

Shares of NASDAQ:ENVX opened at $9.01 on Friday. The firm has a fifty day moving average price of $10.06 and a two-hundred day moving average price of $11.05. 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 company has a debt-to-equity ratio of 0.97, a current ratio of 3.98 and a quick ratio of 3.84. 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 results 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 return on equity of 91.21% and a negative net margin of 1,434.34%. The firm had revenue of $4.30 million for the quarter, compared to analysts’ expectations of $4.11 million. During the same quarter last year, the firm posted ($0.27) EPS. Analysts anticipate that Enovix will post -1.2 EPS for the current fiscal year.

Insider Transactions at Enovix

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction dated 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 owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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 bought and sold shares of the stock. Vanguard Group Inc. grew its position in Enovix by 1.3% in the first quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock worth $104,881,000 after acquiring an additional 164,717 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Enovix by 63.7% in the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Enovix by 2,228.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock valued at $11,518,000 after acquiring an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC raised its stake in shares of Enovix by 3.8% during the first quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock worth $10,814,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Old West Investment Management LLC boosted its stake in shares of Enovix by 12.3% in the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock valued at $8,759,000 after purchasing an additional 102,452 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ENVX shares. Janney Montgomery Scott downgraded shares of 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. TD Cowen boosted their price objective on Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two equities 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.50.

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.