Traders Purchase Large Volume of Enovix Call Options (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of unusually large options trading on Thursday. Stock investors acquired 31,902 call options on the stock. This is an increase of 60% compared to the average volume of 19,932 call options.

Enovix Trading Up 10.6 %

Enovix stock opened at $6.46 on Friday. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $23.90. The firm has a fifty day moving average price of $8.18 and a two-hundred day moving average price of $10.11. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The business had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. On average, research analysts anticipate that Enovix will post -1.13 EPS for the current year.

Insiders Place Their Bets

In other news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the transaction, the chief operating officer now owns 978,913 shares in the company, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 17.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ENVX. DnB Asset Management AS acquired a new position in Enovix during the third quarter worth $790,000. SG Americas Securities LLC grew its stake in Enovix by 106.4% in the 3rd quarter. SG Americas Securities LLC now owns 17,953 shares of the company’s stock worth $225,000 after buying an additional 9,253 shares in the last quarter. DDD Partners LLC lifted its position in Enovix by 106.5% during the third quarter. DDD Partners LLC now owns 30,035 shares of the company’s stock valued at $377,000 after buying an additional 15,490 shares during the period. Handelsbanken Fonder AB lifted its position in shares of Enovix by 0.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company’s stock valued at $32,914,000 after buying an additional 9,800 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in Enovix in the 3rd quarter valued at $153,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on ENVX. Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday. JPMorgan Chase & Co. decreased their price objective on Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.43.

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.