Enovix Sees Unusually High Options Volume (NASDAQ:ENVX)

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

Analyst Ratings Changes

ENVX has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.50.

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 completion of the transaction, the insider now owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value 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 position. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prospera Private Wealth LLC acquired a new stake in shares of Enovix during the third quarter worth $27,000. Blue Trust Inc. raised its stake in Enovix by 102.1% during the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock worth $29,000 after acquiring an additional 957 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in Enovix in the second quarter valued at approximately $39,000. Voisard Asset Management Group Inc. raised its position in shares of Enovix by 40.0% during the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after purchasing an additional 2,000 shares during the period. Finally, Quest Partners LLC lifted its holdings 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 purchasing an additional 6,294 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $9.73 on Friday. The company has a 50-day simple moving average of $9.68 and a 200-day simple moving average of $11.19. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61. The company has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68.

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

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.