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

Enovix Co. (NASDAQ:ENVX) was the target of unusually large options trading on Tuesday. Stock traders bought 43,106 call options on the stock. This represents an increase of approximately 61% compared to the typical volume of 26,838 call options.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $14.33 on Wednesday. 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 company has a market cap of $2.55 billion, a PE ratio of -8.90 and a beta of 1.86. The company has a 50-day simple moving average of $9.72 and a 200-day simple moving average of $11.14. Enovix has a 12 month low of $5.70 and a 12 month high of $18.68.

Enovix (NASDAQ:ENVX) last released its earnings results on Tuesday, October 29th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. During the same period in the previous year, the company earned ($0.27) EPS. On average, equities analysts anticipate that Enovix will post -1.17 earnings per share for the current year.

Insider Transactions at Enovix

In related news, Director Betsy S. Atkins sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $9.73, for a total value of $729,750.00. Following the completion of the sale, the director now owns 99,497 shares in the company, valued at $968,105.81. This trade represents a 42.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Arthi Chakravarthy sold 35,000 shares of the business’s stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Company insiders own 15.70% of the company’s stock.

Hedge Funds Weigh In On Enovix

Large investors have recently added to or reduced their stakes in the business. Driehaus Capital Management LLC grew its holdings in Enovix by 63.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock valued at $60,085,000 after buying an additional 1,512,424 shares during the period. Geode Capital Management LLC increased its position in Enovix by 5.4% during the third quarter. Geode Capital Management LLC now owns 3,583,685 shares of the company’s stock worth $33,477,000 after purchasing an additional 182,757 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Enovix by 6.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company’s stock worth $11,479,000 after purchasing an additional 73,320 shares during the period. Stifel Financial Corp boosted its holdings in shares of Enovix by 6.2% in the 3rd quarter. Stifel Financial Corp now owns 950,202 shares of the company’s stock valued at $8,875,000 after purchasing an additional 55,094 shares during the last quarter. Finally, Old West Investment Management LLC increased its holdings in shares of Enovix by 12.3% during the 3rd quarter. Old West Investment Management LLC now owns 937,838 shares of the company’s stock worth $8,759,000 after buying an additional 102,452 shares during the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on ENVX shares. Janney Montgomery Scott downgraded shares of Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Enovix in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. lowered their target price on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.