Enovix Target of Unusually High Options Trading (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the target of some unusual options trading on Thursday. Traders acquired 41,377 call options on the stock. This is an increase of 21% compared to the typical volume of 34,227 call options.

Enovix Stock Down 16.3 %

Shares of NASDAQ ENVX traded down $1.71 during trading on Thursday, reaching $8.77. 21,341,881 shares of the stock were exchanged, compared to its average volume of 5,584,832. The business’s 50-day moving average price is $10.08 and its 200 day moving average price is $11.07. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -5.61 and a beta of 1.98. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97.

Enovix (NASDAQ:ENVX) last posted 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 net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the prior year, the company posted ($0.27) EPS. As a group, equities analysts forecast that Enovix will post -1.2 EPS for the current fiscal year.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 343,305 shares in the company, valued at $4,462,965. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System increased its holdings in Enovix by 2.3% in the second quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after buying an additional 905 shares during the last quarter. Blue Trust Inc. lifted 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 purchasing an additional 957 shares during the last quarter. Voisard Asset Management Group Inc. lifted its position in shares of Enovix by 25.0% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 5,000 shares of the company’s stock worth $77,000 after buying an additional 1,000 shares during the last quarter. Clear Creek Financial Management LLC grew its stake in Enovix by 3.0% during the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company’s stock worth $450,000 after buying an additional 1,400 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Enovix by 7.7% in the 2nd quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock worth $310,000 after acquiring an additional 1,434 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on ENVX shares. Canaccord Genuity Group boosted their price objective on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. 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. 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 report on Thursday. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday. Finally, TD Cowen increased their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

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.