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

Enovix Co. (NASDAQ:ENVX) was the target of some unusual options trading on Friday. Traders purchased 31,571 call options on the stock. This is an increase of 23% compared to the typical volume of 25,690 call options.

Enovix Stock Up 21.2 %

Shares of Enovix stock opened at $9.73 on Friday. 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. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -6.04 and a beta of 1.94. The firm’s 50-day moving average is $9.68 and its two-hundred day moving average is $11.19.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.03. The company had revenue of $4.30 million for the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative net margin of 1,180.21% and a negative return on equity of 102.19%. During the same period last year, the company posted ($0.27) earnings per share. As a group, research analysts expect that Enovix will post -1.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ENVX shares. JPMorgan Chase & Co. reduced their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Enovix in a research report on Wednesday, October 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 target price on shares of Enovix in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. Finally, Janney Montgomery Scott cut shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Thursday, October 31st. Two equities 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity

In other news, Director Betsy S. Atkins sold 75,000 shares of the stock in a transaction 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 sale, the director now owns 99,497 shares of the company’s stock, valued at approximately $968,105.81. This represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its stake in 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 last quarter. Nisa Investment Advisors LLC grew its position in shares of Enovix by 51.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 98,910 shares of the company’s stock worth $1,529,000 after buying an additional 33,794 shares during the last quarter. Clear Creek Financial Management LLC bought a new position in shares of Enovix during the 2nd quarter worth approximately $724,000. Bank of New York Mellon Corp boosted its stake in Enovix by 13.7% in the second quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock valued at $8,859,000 after acquiring an additional 69,098 shares in the last quarter. Finally, Emfo LLC purchased a new position in Enovix in the second quarter worth $93,000. 50.92% of the stock is owned by institutional investors.

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.