Enovix Sees Unusually High Options Volume (NASDAQ:ENVX)

Enovix Corporation (NASDAQ:ENVX) was the target of unusually large options trading activity on Thursday. Investors purchased 17,357 call options on the company. This is an increase of approximately 24% compared to the typical daily volume of 13,989 call options.

Institutional Trading of Enovix

Hedge funds have recently added to or reduced their stakes in the business. First Trust Advisors LP increased its holdings in shares of Enovix by 32.3% during the third quarter. First Trust Advisors LP now owns 774,813 shares of the company’s stock valued at $2,247,000 after acquiring an additional 188,954 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Enovix by 18.9% during the 3rd quarter. HighTower Advisors LLC now owns 70,900 shares of the company’s stock worth $206,000 after purchasing an additional 11,285 shares during the last quarter. Vista Capital Partners Inc. acquired a new stake in shares of Enovix in the third quarter worth approximately $284,000. Fulcrum Asset Management LLP raised its position in shares of Enovix by 69.8% in the third quarter. Fulcrum Asset Management LLP now owns 45,065 shares of the company’s stock valued at $124,000 after buying an additional 18,523 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of Enovix by 58.0% in the third quarter. Oppenheimer & Co. Inc. now owns 454,446 shares of the company’s stock valued at $1,318,000 after buying an additional 166,892 shares during the last quarter. 50.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ENVX shares. Craig Hallum set a $7.00 price objective on shares of Enovix in a research note on Thursday, August 13th. TD Cowen raised Enovix to a “hold” rating in a research report on Monday, October 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enovix in a research report on Friday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 target price on shares of Enovix in a report on Thursday, August 13th. Finally, Bank of America reissued a “neutral” rating and issued a $5.00 target price on shares of Enovix in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.85.

Enovix Price Performance

Shares of NASDAQ ENVX traded down $0.53 during midday trading on Thursday, reaching $2.00. The stock had a trading volume of 11,582,444 shares, compared to its average volume of 7,116,238. The company has a market capitalization of $440.00 million, a price-to-earnings ratio of -2.48 and a beta of 2.34. Enovix has a 12-month low of $1.91 and a 12-month high of $9.19. The stock has a 50-day moving average of $2.85 and a 200-day moving average of $4.96. The company has a debt-to-equity ratio of 2.46, a quick ratio of 9.37 and a current ratio of 9.71.

Enovix shares are going to split on Friday, November 13th. The 5-4 split was recently announced. The newly minted shares will be payable to shareholders after the market closes on Thursday, November 12th.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Thursday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.05. Enovix had a negative return on equity of 64.50% and a negative net margin of 473.89%. The business had revenue of $11.04 million for the quarter. As a group, research analysts anticipate that Enovix will post -0.79 EPS for the current fiscal year.

Enovix Company Profile

Enovix Corporation develops lithium-ion batteries using a silicon-based anode and a proprietary three-dimensional cell architecture. Its design is intended to increase energy density while addressing safety and performance requirements in compact devices. The company’s batteries are designed for applications including smartphones, wearable devices, laptops, augmented- and virtual-reality products, and other portable electronics. Enovix also targets markets such as defense and industrial technology.