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

Enovix Co. (NASDAQ:ENVX) was the target of unusually large options trading activity on Friday. Investors purchased 34,621 call options on the company. This represents an increase of approximately 42% compared to the typical volume of 24,412 call options.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. B. Riley dropped their target price on shares of Enovix from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. William Blair restated an “outperform” rating on shares of Enovix in a research note on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $30.00 price target on shares of Enovix in a research note on Thursday, April 25th. JPMorgan Chase & Co. dropped their price target on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, April 26th. Finally, Craig Hallum dropped their price target on shares of Enovix from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.33.

Insider Transactions 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. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently modified their holdings of the business. Beacon Capital Management LLC lifted its holdings in shares of Enovix by 66.7% in the fourth quarter. Beacon Capital Management LLC now owns 2,500 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Enovix during the third quarter valued at approximately $31,000. Able Wealth Management LLC purchased a new position in shares of Enovix during the fourth quarter valued at approximately $34,000. Quest Partners LLC acquired a new position in shares of Enovix in the 4th quarter valued at $49,000. Finally, Voisard Asset Management Group Inc. purchased a new position in shares of Enovix in the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 50.92% of the company’s stock.

Enovix Stock Up 12.5 %

Shares of Enovix stock traded up $1.20 during trading on Friday, hitting $10.81. 5,873,142 shares of the stock were exchanged, compared to its average volume of 5,028,144. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -7.67 and a beta of 1.70. The firm’s 50-day moving average price is $7.96 and its 200 day moving average price is $9.99. Enovix has a 12-month low of $5.70 and a 12-month high of $23.90. The company has a debt-to-equity ratio of 0.72, a current ratio of 4.89 and a quick ratio of 4.77.

Enovix (NASDAQ:ENVX) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Enovix had a negative return on equity of 85.47% and a negative net margin of 1,448.90%. The firm had revenue of $5.27 million for the quarter, compared to analysts’ expectations of $4.16 million. As a group, analysts forecast that Enovix will post -1.15 earnings per share for the current fiscal year.

About Enovix

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.