Enovix Sees Unusually Large Options Volume (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw unusually large options trading activity on Tuesday. Traders acquired 43,106 call options on the company. This represents an increase of approximately 61% compared to the average volume of 26,838 call options.

Enovix Price Performance

ENVX opened at $12.23 on Thursday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -7.60 and a beta of 1.86. The company has a quick ratio of 3.61, a current ratio of 3.77 and a debt-to-equity ratio of 0.99. The firm has a 50-day moving average price of $9.75 and a 200-day moving average price of $11.15. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping 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 period last year, the company earned ($0.27) earnings per share. Equities analysts expect that Enovix will post -1.17 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ENVX. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Finally, Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Insider Buying and Selling

In related news, insider Arthi Chakravarthy sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, 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 at this link. Also, Director Betsy S. Atkins sold 75,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total transaction of $729,750.00. Following the transaction, the director now owns 99,497 shares in the company, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently modified their holdings of ENVX. Prospera Private Wealth LLC bought a new position in Enovix in the 3rd quarter valued at $27,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Enovix in the 2nd quarter valued at about $39,000. Voisard Asset Management Group Inc. boosted 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 valued at $65,000 after acquiring an additional 2,000 shares during the last quarter. Quest Partners LLC raised its stake in Enovix by 318.5% in the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock valued at $77,000 after purchasing an additional 6,294 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Enovix during the second quarter valued at approximately $97,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.