Stock Traders Buy High Volume of Put Options on Enovix (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading on Monday. Investors acquired 42,216 put options on the stock. This represents an increase of 29% compared to the typical volume of 32,733 put options.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ENVX shares. Piper Sandler reissued 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. Canaccord Genuity Group boosted their price target on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a research note on Thursday, August 1st. TD Cowen lifted their price objective on shares of Enovix from $11.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Craig Hallum increased their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Enovix currently has an average rating of “Buy” and a consensus price target of $21.33.

Enovix Stock Up 0.7 %

ENVX stock opened at $9.77 on Tuesday. The company has a quick ratio of 3.84, a current ratio of 3.98 and a debt-to-equity ratio of 0.97. The firm’s 50-day simple moving average is $12.05 and its 200 day simple moving average is $10.55. The stock has a market cap of $1.72 billion, a PE ratio of -7.29 and a beta of 1.99. Enovix has a fifty-two week low of $5.70 and a fifty-two week high of $18.68.

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

Insider Activity

In other news, Director Gregory Reichow sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total transaction of $91,050.00. Following the completion of the transaction, the director now directly owns 8,129 shares in the company, valued at approximately $98,686.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 17.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its stake in shares of Enovix by 102.1% during 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 in the last quarter. Able Wealth Management LLC acquired a new position in Enovix during the 4th quarter valued at about $34,000. Beacon Capital Management LLC raised its position in shares of Enovix by 71.9% during the 1st quarter. Beacon Capital Management LLC now owns 4,298 shares of the company’s stock worth $34,000 after buying an additional 1,798 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Enovix by 11,176.2% in the 2nd 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 period. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Enovix in the second quarter valued at approximately $39,000. Institutional investors own 50.92% of the company’s stock.

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.