Enovix Sees Unusually High Options Volume (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the target of some unusual options trading on Monday. Stock traders acquired 42,216 put options on the stock. This represents an increase of approximately 29% compared to the average volume of 32,733 put options.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. B. Riley upgraded Enovix to a “strong-buy” rating in a report on Tuesday, June 25th. Oppenheimer restated an “outperform” rating and issued a $36.00 target price on shares of Enovix in a research note on Monday, August 26th. Benchmark assumed coverage on shares of Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective (down from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, Canaccord Genuity Group increased their target price on shares of Enovix from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One research analyst has 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. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Up 0.7 %

ENVX traded up $0.07 during trading on Monday, reaching $9.77. 4,263,416 shares of the stock were exchanged, compared to its average volume of 5,444,202. The stock has a market cap of $1.72 billion, a P/E ratio of -7.24 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The stock’s 50 day moving average price is $12.19 and its two-hundred day moving average price is $10.55. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. The company had revenue of $3.77 million for the quarter, compared to analyst estimates of $3.85 million. Equities analysts expect that Enovix will post -1.21 EPS for the current year.

Insider Activity

In other Enovix news, Director Gregory Reichow sold 7,500 shares of Enovix stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.14, for a total value of $91,050.00. Following the transaction, the director now owns 8,129 shares of the company’s stock, valued at $98,686.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 17.30% of the stock is currently owned by company insiders.

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. raised 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 purchasing an additional 957 shares during the period. Able Wealth Management LLC acquired a new position in Enovix in the 4th quarter valued at about $34,000. Beacon Capital Management LLC raised its holdings in Enovix by 71.9% in the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock valued at $34,000 after acquiring an additional 1,798 shares during the period. GAMMA Investing LLC lifted its position in Enovix by 11,176.2% during the second quarter. GAMMA Investing LLC now owns 2,368 shares of the company’s stock worth $37,000 after acquiring an additional 2,347 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Enovix during the second quarter worth approximately $39,000. Institutional investors own 50.92% of the company’s stock.

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.