Enovix (NASDAQ:ENVX) Stock Sees Heavy Call Option Buying

Enovix Corporation (NASDAQ:ENVX) saw some unusual options trading on Thursday. Investors purchased 17,357 call options on the company. This is an increase of approximately 24% compared to the typical daily volume of 13,989 call options.

Analysts Set New Price Targets

Several equities analysts recently commented on ENVX shares. Wall Street Zen lowered Enovix from a “sell” rating to a “strong sell” rating in a report on Saturday, October 31st. Craig Hallum set a $7.00 price target on shares of Enovix in a research note on Thursday, August 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enovix in a research note on Friday, October 2nd. TD Cowen raised shares of Enovix to a “hold” rating in a research note on Monday, October 5th. Finally, Northland Securities set a $5.00 price objective on shares of Enovix in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Enovix in the second quarter valued at $100,054,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Enovix during the second quarter valued at $8,689,000. Bank of America Corp DE purchased a new stake in Enovix in the 2nd quarter worth about $8,356,000. Refined Wealth Management lifted its stake in Enovix by 0.7% in the 3rd quarter. Refined Wealth Management now owns 850,768 shares of the company’s stock worth $2,467,000 after acquiring an additional 5,918 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Enovix by 32.3% in the 3rd quarter. First Trust Advisors LP now owns 774,813 shares of the company’s stock worth $2,247,000 after acquiring an additional 188,954 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Stock Down 20.8%

Shares of ENVX traded down $0.53 during midday trading on Thursday, hitting $2.00. The company had a trading volume of 11,582,444 shares, compared to its average volume of 7,116,238. The stock has a market cap of $440.00 million, a price-to-earnings ratio of -2.48 and a beta of 2.34. The company’s 50 day moving average price is $2.85 and its 200 day moving average price is $4.96. The company has a quick ratio of 9.37, a current ratio of 9.71 and a debt-to-equity ratio of 2.46. Enovix has a 52 week low of $1.91 and a 52 week high of $9.19.

Shares of Enovix are going to split before the market opens on Friday, November 13th. The 5-4 split was recently announced. The newly issued shares will be payable to shareholders after the market closes on Thursday, November 12th.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Thursday, November 12th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. Enovix had a negative net margin of 473.89% and a negative return on equity of 64.50%. The business had revenue of $11.04 million for the quarter. On average, equities research analysts predict that Enovix will post -0.79 EPS for the current year.

Enovix Company Profile

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.