Enovix Sees Unusually Large Options Volume (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw unusually large options trading on Tuesday. Investors purchased 42,916 call options on the company. This is an increase of 43% compared to the average daily volume of 30,093 call options.

Enovix Price Performance

NASDAQ ENVX traded up $0.57 during mid-day trading on Tuesday, hitting $17.22. The stock had a trading volume of 5,991,343 shares, compared to its average volume of 5,363,255. The company has a 50 day simple moving average of $11.46 and a 200 day simple moving average of $10.18. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -12.72 and a beta of 2.04. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The business had revenue of $5.27 million during the quarter, compared to analysts’ expectations of $4.16 million. Equities analysts forecast that Enovix will post -1.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction that occurred on Sunday, April 14th. The stock was 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 directly owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Gregory Reichow sold 7,500 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the completion of the sale, the director now directly owns 8,129 shares of the company’s stock, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction that occurred on Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The disclosure for this sale can be found here. 17.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Enovix by 1.3% during 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 during the last quarter. Electron Capital Partners LLC grew its position in shares of Enovix by 20.0% in the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock valued at $40,556,000 after purchasing an additional 540,399 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Enovix by 2,228.5% in 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 purchasing an additional 1,376,253 shares during the last quarter. Masters Capital Management LLC lifted its position in 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 buying an additional 50,000 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Enovix by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,089,959 shares of the company’s stock worth $13,646,000 after buying an additional 55,157 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on ENVX. JPMorgan Chase & Co. dropped their target price on Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group restated a “buy” rating and issued a $17.00 target price on shares of Enovix in a research note on Thursday, June 27th. William Blair reissued an “outperform” rating on shares of Enovix in a report on Thursday, May 2nd. B. Riley upgraded Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Craig Hallum reduced their price target on Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $18.33.

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.