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

Enovix Corporation (NASDAQ:ENVX - Get Free Report) was the target of unusually large options trading on Thursday. Stock traders acquired 32,163 call options on the stock. This is an increase of 106% compared to the average daily volume of 15,610 call options.

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 15.1% during the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company's stock worth $171,458,000 after buying an additional 2,063,631 shares during the period. Electron Capital Partners LLC lifted its holdings in Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company's stock worth $49,272,000 after buying an additional 1,054,029 shares during the period. Geode Capital Management LLC lifted its holdings in Enovix by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company's stock worth $41,520,000 after buying an additional 235,142 shares during the period. Driehaus Capital Management LLC lifted its holdings in Enovix by 1.8% during the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company's stock worth $17,055,000 after buying an additional 41,559 shares during the period. Finally, Fred Alger Management LLC lifted its holdings in Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company's stock worth $16,393,000 after buying an additional 394,532 shares during the period. 50.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on ENVX. JPMorgan Chase & Co. dropped their price objective on Enovix from $10.00 to $9.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Benchmark decreased their price target on Enovix from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. TD Securities reduced their price objective on Enovix from $10.00 to $7.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Finally, B. Riley reduced their price objective on Enovix from $17.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.27.

Enovix Trading Up 20.8%

ENVX traded up $1.81 during midday trading on Thursday, hitting $10.53. 14,318,920 shares of the company were exchanged, compared to its average volume of 5,778,045. The firm has a market capitalization of $2.02 billion, a P/E ratio of -8.16 and a beta of 2.00. Enovix has a 1-year low of $5.27 and a 1-year high of $18.68. The firm's 50 day moving average price is $7.64 and its 200-day moving average price is $8.87. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71.

Enovix Company Profile

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.