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

Enovix Co. (NASDAQ:ENVX) saw unusually large options trading activity on Friday. Stock investors bought 31,571 call options on the company. This is an increase of approximately 23% compared to the average daily volume of 25,690 call options.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ENVX. Oppenheimer reaffirmed an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. JPMorgan Chase & Co. reduced their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott lowered shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Two equities 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, Enovix currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Enovix Stock Performance

NASDAQ:ENVX traded up $1.93 during trading hours on Friday, reaching $9.96. The company had a trading volume of 9,186,253 shares, compared to its average volume of 5,603,931. The business’s 50 day moving average price is $9.74 and its 200-day moving average price is $11.19. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The firm has a market cap of $1.77 billion, a PE ratio of -6.19 and a beta of 1.94. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.77 and a quick ratio of 3.61.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. The business had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. During the same quarter in the prior year, the firm posted ($0.27) earnings per share. Research analysts forecast that Enovix will post -1.17 EPS for the current year.

Insider Buying and Selling

In other Enovix news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total value of $455,000.00. Following the transaction, the insider now owns 343,305 shares in the company, valued at $4,462,965. The trade was 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 the SEC website. Also, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total transaction of $729,750.00. Following the sale, the director now directly owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. The trade was 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 insiders.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC acquired a new position in shares of Enovix during the 3rd quarter worth about $27,000. Blue Trust Inc. lifted its position in shares of Enovix by 102.1% in the second quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after acquiring an additional 957 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Enovix in the second quarter valued at approximately $39,000. Voisard Asset Management Group Inc. boosted its stake in shares of Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock worth $65,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Quest Partners LLC increased its position in shares of Enovix by 318.5% during the third quarter. Quest Partners LLC now owns 8,270 shares of the company’s stock worth $77,000 after purchasing an additional 6,294 shares in the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

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.