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

Enovix Co. (NASDAQ:ENVX) was the recipient of unusually large options trading activity on Monday. Stock investors acquired 35,316 call options on the company. This represents an increase of approximately 25% compared to the typical volume of 28,170 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ENVX shares. JPMorgan Chase & Co. lowered their target price on shares of Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Thursday, October 31st. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a report on Monday, August 26th. Finally, Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the completion of the transaction, the insider now owns 343,305 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. 15.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC bought a new stake in shares of Enovix in the 3rd quarter valued at about $27,000. Blue Trust Inc. boosted its holdings in shares of Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Enovix by 11,176.2% in the 2nd quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock valued at $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix in the 2nd quarter valued at about $39,000. Finally, Voisard Asset Management Group Inc. boosted its holdings in shares of Enovix by 40.0% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after buying an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Up 15.6 %

NASDAQ ENVX traded up $1.44 during trading on Monday, reaching $10.69. 6,570,799 shares of the company’s stock traded hands, compared to its average volume of 5,577,560. 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 firm has a market cap of $1.90 billion, a price-to-earnings ratio of -6.74 and a beta of 1.99. The company’s 50 day simple moving average is $10.05 and its two-hundred day simple moving average is $11.32. Enovix has a 12-month low of $5.70 and a 12-month high of $18.68.

Enovix (NASDAQ:ENVX) last posted its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million for the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same quarter last year, the firm posted ($0.27) EPS. As a group, sell-side analysts forecast that Enovix will post -1.17 EPS for the current fiscal year.

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.