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

Key Points

• Enovix Corporation experienced a significant increase in call options trading, with traders purchasing 27,134 call options—a 57% rise from its average daily volume of 17,266.
• Analysts show mixed sentiments on Enovix, with five rating it as a "Buy" and five as a "Hold," while the consensus target price has been set at $17.00.
• The company's stock has recently traded up 5.8%, currently at $11.76, and Enovix is planning a $60 million share buyback, indicating that its board believes the stock is undervalued.

Enovix Corporation (NASDAQ:ENVX - Get Free Report) was the recipient of some unusual options trading on Thursday. Traders bought 27,134 call options on the stock. This is an increase of approximately 57% compared to the average daily volume of 17,266 call options.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Cowen reaffirmed a "hold" rating on shares of Enovix in a report on Tuesday, July 8th. Wall Street Zen cut Enovix from a "hold" rating to a "sell" rating in a report on Saturday, September 6th. Canaccord Genuity Group increased their target price on Enovix from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Craig Hallum reissued a "buy" rating and issued a $15.00 target price (up from $12.00) on shares of Enovix in a report on Tuesday, July 8th. Finally, B. Riley reissued a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Enovix in a report on Thursday, July 10th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Enovix Trading Up 5.8%

Enovix stock traded up $0.65 during mid-day trading on Thursday, hitting $11.76. 8,338,096 shares of the company's stock were exchanged, compared to its average volume of 6,725,524. The firm has a market capitalization of $2.31 billion, a P/E ratio of -14.00 and a beta of 2.08. Enovix has a fifty-two week low of $5.27 and a fifty-two week high of $16.49. The company has a quick ratio of 4.11, a current ratio of 4.37 and a debt-to-equity ratio of 0.82. The company's 50 day simple moving average is $10.53 and its 200-day simple moving average is $9.27.

Enovix (NASDAQ:ENVX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. The firm had revenue of $7.50 million for the quarter, compared to the consensus estimate of $5.48 million. Enovix had a negative return on equity of 73.88% and a negative net margin of 481.35%.The company's revenue for the quarter was up 98.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.14) EPS. Enovix has set its Q3 2025 guidance at -0.180--0.140 EPS. On average, equities analysts anticipate that Enovix will post -1.01 earnings per share for the current year.

Enovix declared that its board has approved a share repurchase program on Wednesday, July 2nd that allows the company to buyback $60.00 million in shares. This buyback authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Stone House Investment Management LLC bought a new position in Enovix during the first quarter worth about $37,000. Sava Infond d.o.o. grew its holdings in Enovix by 50.0% during the first quarter. Sava Infond d.o.o. now owns 6,000 shares of the company's stock worth $44,000 after purchasing an additional 2,000 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Enovix by 103.8% during the first quarter. Parallel Advisors LLC now owns 7,557 shares of the company's stock worth $55,000 after acquiring an additional 3,849 shares during the period. HBK Sorce Advisory LLC acquired a new position in shares of Enovix in the first quarter valued at approximately $74,000. Finally, Smith Salley Wealth Management acquired a new position in shares of Enovix in the first quarter valued at approximately $75,000. Institutional investors own 50.92% of the company's stock.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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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