Investors Buy High Volume of Enovix Call Options (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the target of some unusual options trading activity on Monday. Investors bought 35,316 call options on the stock. This represents an increase of 25% compared to the typical volume of 28,170 call options.

Insider Buying and Selling at Enovix

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 legal filing with the SEC, which is available at this link. Company insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Arizona State Retirement System increased its stake in Enovix by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 40,097 shares of the company’s stock valued at $620,000 after purchasing an additional 905 shares in the last quarter. Blue Trust Inc. increased its position in shares of 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 acquiring an additional 957 shares in the last quarter. Voisard Asset Management Group Inc. raised its holdings 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 acquiring an additional 1,000 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company’s stock valued at $202,000 after purchasing an additional 1,367 shares during the last quarter. Finally, Clear Creek Financial Management LLC increased its holdings 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 purchasing an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 50.92% of the company’s stock.

Analysts Set New Price Targets

ENVX has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $19.00 price objective (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Enovix in a report on Wednesday, October 30th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Enovix Stock Performance

Shares of ENVX stock opened at $10.21 on Tuesday. The stock has a market capitalization of $1.82 billion, a PE ratio of -6.74 and a beta of 1.99. The business’s 50 day simple moving average is $10.05 and its 200 day simple moving average is $11.32. 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 has a one year low of $5.70 and a one year high of $18.68.

Enovix (NASDAQ:ENVX) last posted its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, beating 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 company had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. During the same period in the prior year, the firm posted ($0.27) EPS. As a group, research analysts forecast that Enovix will post -1.17 earnings per share for the current year.

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.