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

Enovix Co. (NASDAQ:ENVX) was the recipient of unusually large options trading activity on Friday. Traders acquired 31,571 call options on the company. This represents an increase of 23% compared to the average volume of 25,690 call options.

Insider Buying and Selling

In other Enovix news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now directly owns 99,497 shares of the company’s stock, valued at $968,105.81. This trade represents a 42.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $4,462,965. This trade represents a 9.25 % 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 company insiders.

Hedge Funds Weigh In On Enovix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENVX. Prospera Private Wealth LLC purchased a new stake in shares of Enovix during the 3rd quarter worth approximately $27,000. Blue Trust Inc. raised its stake in Enovix by 102.1% during the 2nd 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. Strategic Investment Solutions Inc. IL purchased a new stake in Enovix in the second quarter valued at $39,000. Voisard Asset Management Group Inc. boosted its stake in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Quest Partners LLC grew its holdings 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 during the last quarter. 50.92% of the stock is owned by institutional investors and hedge funds.

Enovix Stock Up 24.0 %

Shares of ENVX traded up $1.93 during midday trading on Friday, reaching $9.96. The stock had a trading volume of 9,186,253 shares, compared to its average volume of 5,603,931. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -6.19 and a beta of 1.94. The company’s fifty day simple moving average is $9.74 and its two-hundred day simple moving average is $11.19. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. 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 announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.03. The company had revenue of $4.30 million during the quarter, compared to the consensus estimate of $4.11 million. Enovix had a negative return on equity of 102.19% and a negative net margin of 1,180.21%. During the same period in the previous year, the business earned ($0.27) EPS. Equities research analysts expect that Enovix will post -1.17 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on ENVX shares. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research note on Thursday, October 31st. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Enovix in a research report on Wednesday, October 30th. JPMorgan Chase & Co. cut 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. Oppenheimer reissued an “outperform” rating and set a $36.00 price target on shares of Enovix in a research report on Monday, August 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Two research 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’s stock. Based on data from MarketBeat, Enovix currently has an average rating of “Moderate Buy” and a consensus price target 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.