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

Enovix Co. (NASDAQ:ENVX - Get Free Report) was the target of some unusual options trading activity on Friday. Investors acquired 31,571 call options on the stock. This represents an increase of 23% compared to the average volume of 25,690 call options.

Insider Activity at Enovix

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

Institutional Trading of Enovix

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Driehaus Capital Management LLC raised its position in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company's stock worth $60,085,000 after acquiring an additional 1,512,424 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Enovix by 5.4% during the 3rd 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 holdings in shares of Enovix by 6.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the company's stock valued at $11,479,000 after purchasing an additional 73,320 shares during the period. Stifel Financial Corp lifted its stake in 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 grew its holdings in Enovix by 12.3% during the third quarter. Old West Investment Management LLC now owns 937,838 shares of the company's stock worth $8,759,000 after purchasing an additional 102,452 shares during the period. Institutional investors own 50.92% of the company's stock.

Enovix Stock Up 21.2 %

NASDAQ:ENVX traded up $1.70 during trading hours on Friday, reaching $9.73. 15,718,198 shares of the stock were exchanged, compared to its average volume of 5,631,753. The stock has a market cap of $1.73 billion, a PE ratio of -6.04 and a beta of 1.94. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The firm has a 50 day moving average of $9.74 and a 200 day moving average of $11.19. 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 - Get Free Report) last announced 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 business had revenue of $4.30 million during the quarter, compared to analysts' expectations of $4.11 million. During the same quarter in the prior year, the company posted ($0.27) earnings per share. On average, equities analysts expect that Enovix will post -1.17 earnings per share for the current year.

Analyst Ratings Changes

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