Enovix Target of Unusually High Options Trading (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX - Get Free Report) was the recipient of some unusual options trading activity on Thursday. Traders acquired 31,902 call options on the stock. This represents an increase of approximately 60% compared to the typical volume of 19,932 call options.

Enovix Stock Performance

ENVX traded down $0.18 on Thursday, reaching $5.84. The company had a trading volume of 3,694,860 shares, compared to its average volume of 4,402,090. Enovix has a 1 year low of $5.70 and a 1 year high of $23.90. The stock has a market capitalization of $984.04 million, a PE ratio of -3.76 and a beta of 1.62. 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 50-day moving average price of $8.42 and a 200-day moving average price of $10.16.

Enovix (NASDAQ:ENVX - Get Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million during the quarter, compared to analysts' expectations of $3.37 million. As a group, research analysts forecast that Enovix will post -1.13 EPS for the current fiscal year.

Insider Activity at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction that occurred on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the completion of the sale, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC raised its holdings in shares of Enovix by 1.9% in the fourth quarter. Corient Private Wealth LLC now owns 49,587 shares of the company's stock valued at $621,000 after buying an additional 910 shares during the last quarter. Beacon Capital Management LLC grew its position in Enovix by 66.7% during the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company's stock worth $31,000 after buying an additional 1,000 shares during the period. Amalgamated Bank lifted its holdings in shares of Enovix by 5.9% in the third quarter. Amalgamated Bank now owns 20,827 shares of the company's stock valued at $261,000 after purchasing an additional 1,154 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Enovix by 10.5% during the third quarter. Victory Capital Management Inc. now owns 14,253 shares of the company's stock valued at $179,000 after buying an additional 1,351 shares during the period. Finally, Insight Advisors LLC PA lifted its stake in shares of Enovix by 3.2% during the fourth quarter. Insight Advisors LLC PA now owns 44,354 shares of the company's stock valued at $555,000 after buying an additional 1,370 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on ENVX. Canaccord Genuity Group restated a "buy" rating and issued a $17.00 price target on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Enovix in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Enovix has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

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.