Enovix Target of Unusually High Options Trading (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 43,106 call options on the stock. This represents an increase of 61% compared to the average daily volume of 26,838 call options.

Insider Buying and Selling at Enovix

In other news, Director Betsy S. Atkins sold 75,000 shares of the business’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 completion of the transaction, the director now owns 99,497 shares of the company’s stock, valued at $968,105.81. The trade was a 42.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Arthi Chakravarthy sold 35,000 shares of the firm’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 transaction of $455,000.00. Following the sale, the insider now owns 343,305 shares in the company, valued at approximately $4,462,965. This trade represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. 15.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its stake in shares of Enovix by 13.7% in the second quarter. Bank of New York Mellon Corp now owns 573,026 shares of the company’s stock worth $8,859,000 after buying an additional 69,098 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Enovix by 7.7% in the second quarter. Principal Financial Group Inc. now owns 20,079 shares of the company’s stock valued at $310,000 after buying an additional 1,434 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Enovix by 45.2% during the second quarter. Commonwealth Equity Services LLC now owns 69,414 shares of the company’s stock valued at $1,073,000 after buying an additional 21,620 shares in the last quarter. Natixis Advisors LLC acquired a new position in shares of Enovix in the 2nd quarter worth approximately $247,000. Finally, Rhumbline Advisers raised its position in shares of Enovix by 13.7% during the 2nd quarter. Rhumbline Advisers now owns 221,966 shares of the company’s stock valued at $3,432,000 after acquiring an additional 26,724 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Stock Up 24.0 %

NASDAQ ENVX traded up $2.99 on Tuesday, reaching $15.45. The company had a trading volume of 11,144,927 shares, compared to its average volume of 8,025,335. The firm has a market capitalization of $2.75 billion, a PE ratio of -9.60 and a beta of 1.86. The firm has a 50-day moving average of $9.65 and a 200-day moving average of $11.13. 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 released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. The firm had revenue of $4.30 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted ($0.27) EPS. On average, equities research analysts anticipate that Enovix will post -1.17 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on ENVX. JPMorgan Chase & Co. lowered their price objective on Enovix from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Janney Montgomery Scott lowered 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. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, October 30th. Two equities research 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. Based on data from MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average price target of $20.50.

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.