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

Enovix Co. (NASDAQ:ENVX - Get Free Report) was the target of unusually large options trading on Monday. Investors bought 34,307 call options on the company. This is an increase of 87% compared to the average daily volume of 18,369 call options.

Enovix Price Performance

Shares of ENVX traded down $0.03 during midday trading on Monday, hitting $9.06. The company's stock had a trading volume of 1,508,361 shares, compared to its average volume of 4,198,225. Enovix has a one year low of $8.33 and a one year high of $23.90. The company's fifty day simple moving average is $10.55 and its two-hundred day simple moving average is $11.44. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of -5.94 and a beta of 1.67.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Enovix by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 12,928,993 shares of the company's stock worth $161,871,000 after buying an additional 513,508 shares during the period. BlackRock Inc. increased its position in Enovix by 24.7% in the 2nd quarter. BlackRock Inc. now owns 8,635,683 shares of the company's stock valued at $155,788,000 after buying an additional 1,713,057 shares in the last quarter. Electron Capital Partners LLC increased its position in Enovix by 20.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company's stock valued at $40,556,000 after buying an additional 540,399 shares in the last quarter. State Street Corp increased its holdings in Enovix by 22.0% during the 2nd quarter. State Street Corp now owns 2,622,992 shares of the company's stock worth $47,319,000 after purchasing an additional 473,011 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Enovix by 0.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,622,620 shares of the company's stock worth $32,914,000 after purchasing an additional 9,800 shares in the last quarter. 49.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ENVX shares. Canaccord Genuity Group reissued a "buy" rating and issued a $17.00 target price on shares of Enovix in a research note on Wednesday, February 21st. William Blair started coverage on Enovix in a report on Monday, December 18th. They issued an "outperform" rating on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $30.00 price target on shares of Enovix in a report on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.00.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.

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