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

Enovix Co. (NASDAQ:ENVX - Get Free Report) was the recipient of unusually large options trading on Tuesday. Stock traders purchased 43,106 call options on the company. This is an increase of 61% compared to the average volume of 26,838 call options.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ENVX. Benchmark reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Enovix in a research note on Wednesday, October 30th. Janney Montgomery Scott downgraded Enovix from a "buy" rating to a "neutral" rating and set a $10.00 price target on the stock. in a report on Thursday, October 31st. Cantor Fitzgerald reissued an "overweight" rating and set a $30.00 price target on shares of Enovix in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. decreased 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. Two 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. According to data from MarketBeat.com, Enovix has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 75,000 shares of Enovix stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $9.73, for a total value of $729,750.00. Following the transaction, the director now owns 99,497 shares of the company's stock, valued at approximately $968,105.81. This trade represents a 42.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Arthi Chakravarthy sold 35,000 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $13.00, for a total transaction of $455,000.00. Following the sale, the insider now directly owns 343,305 shares of the company's stock, valued at $4,462,965. This represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System boosted its holdings in Enovix by 2.3% during the second quarter. Arizona State Retirement System now owns 40,097 shares of the company's stock valued at $620,000 after acquiring an additional 905 shares during the period. Rockefeller Capital Management L.P. boosted its stake in Enovix by 6.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,656 shares of the company's stock valued at $202,000 after purchasing an additional 1,367 shares during the period. Clear Creek Financial Management LLC grew its holdings in Enovix by 3.0% in the 3rd quarter. Clear Creek Financial Management LLC now owns 48,200 shares of the company's stock valued at $450,000 after buying an additional 1,400 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Enovix by 7.7% in the 2nd 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. Finally, LJI Wealth Management LLC increased its position in Enovix by 2.1% in the 3rd quarter. LJI Wealth Management LLC now owns 73,900 shares of the company's stock worth $690,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds own 50.92% of the company's stock.

Enovix Stock Up 15.0 %

NASDAQ ENVX traded up $1.87 during trading on Tuesday, reaching $14.33. The company's stock had a trading volume of 21,650,443 shares, compared to its average volume of 10,991,688. The business has a 50-day moving average price of $9.65 and a 200-day moving average price of $11.13. Enovix has a 1-year low of $5.70 and a 1-year high of $18.68. The stock has a market capitalization of $2.55 billion, a PE ratio of -8.90 and a beta of 1.86. The company has a current ratio of 3.77, a quick ratio of 3.61 and a debt-to-equity ratio of 0.99.

Enovix (NASDAQ:ENVX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 prior year, the company posted ($0.27) earnings per share. On average, research analysts forecast that Enovix will post -1.17 earnings per share for the current fiscal year.

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.