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

Enovix Co. (NASDAQ:ENVXGet Free Report) was the target of some unusual options trading activity on Thursday. Stock traders bought 41,377 call options on the stock. This is an increase of 21% compared to the average volume of 34,227 call options.

Insider Activity

In other Enovix news, 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 completion of the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at approximately $4,462,965. The trade was a 0.00 % 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. Insiders own 15.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ENVX. Blue Trust Inc. boosted its position in Enovix by 102.1% in the 2nd quarter. Blue Trust Inc. now owns 1,894 shares of the company’s stock valued at $29,000 after buying an additional 957 shares during the period. Beacon Capital Management LLC increased its holdings in shares of 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 last quarter. GAMMA Investing LLC boosted its holdings 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 valued at $37,000 after buying an additional 2,347 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Enovix during the 2nd quarter worth $39,000. Finally, Voisard Asset Management Group Inc. boosted its stake in Enovix by 40.0% in the third quarter. Voisard Asset Management Group Inc. now owns 7,000 shares of the company’s stock valued at $65,000 after acquiring an additional 2,000 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Craig Hallum boosted their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Enovix in a research report on Wednesday. Janney Montgomery Scott cut Enovix from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $19.00 target price (down previously from $23.00) on shares of Enovix in a report on Monday, August 5th. Finally, Oppenheimer reissued an “outperform” rating and issued a $36.00 price target on shares of Enovix in a research note on Monday, August 26th. 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. According to MarketBeat, Enovix has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Check Out Our Latest Analysis on ENVX

Enovix Trading Down 16.3 %

Shares of Enovix stock traded down $1.71 during trading hours on Thursday, hitting $8.77. The company’s stock had a trading volume of 21,341,881 shares, compared to its average volume of 5,584,832. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -5.61 and a beta of 1.98. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The firm has a fifty day moving average of $10.08 and a 200-day moving average of $11.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98.

Enovix (NASDAQ:ENVXGet Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $4.30 million during the quarter, compared to analysts’ expectations of $4.11 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. During the same period last year, the business earned ($0.27) earnings per share. Research analysts forecast that Enovix will post -1.2 EPS for the current year.

About Enovix

(Get Free Report)

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.

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