Enovix Sees Unusually Large Options Volume (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading activity on Thursday. Traders bought 31,902 call options on the company. This is an increase of approximately 60% compared to the typical daily volume of 19,932 call options.

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total value of $36,213.74. Following the transaction, the chief operating officer now owns 978,913 shares of the company’s stock, valued at $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 17.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Enovix

A number of hedge funds and other institutional investors have recently bought and sold shares of ENVX. Vanguard Group Inc. raised its stake in shares of Enovix by 9.5% during the 3rd quarter. Vanguard Group Inc. now owns 12,415,485 shares of the company’s stock worth $155,814,000 after buying an additional 1,072,508 shares during the last quarter. Raymond James & Associates raised its stake in shares of Enovix by 73.9% during the 3rd quarter. Raymond James & Associates now owns 394,396 shares of the company’s stock worth $4,950,000 after buying an additional 167,647 shares during the last quarter. Udine Wealth Management Inc. acquired a new position in shares of Enovix during the 4th quarter worth $1,687,000. tru Independence LLC acquired a new position in shares of Enovix during the 3rd quarter worth $3,745,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Enovix during the 3rd quarter worth $1,167,000. Institutional investors and hedge funds own 50.92% of the company’s stock.

Enovix Stock Down 4.2 %

NASDAQ:ENVX traded down $0.25 during mid-day trading on Thursday, hitting $5.77. The stock had a trading volume of 1,769,919 shares, compared to its average volume of 4,377,042. The stock has a 50-day simple moving average of $8.42 and a two-hundred day simple moving average of $10.16. The company has a market capitalization of $972.25 million, a PE ratio of -3.76 and a beta of 1.62. Enovix has a twelve month low of $5.70 and a twelve month high of $23.90. The company has a current ratio of 5.30, a quick ratio of 5.15 and a debt-to-equity ratio of 0.65.

Enovix (NASDAQ:ENVX) last issued its earnings results on Tuesday, February 20th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The firm had revenue of $7.38 million during the quarter, compared to analyst estimates of $3.37 million. Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. On average, equities research analysts anticipate that Enovix will post -1.13 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ENVX. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $30.00 price target on shares of Enovix in a research report on Thursday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.