Investors Purchase High Volume of Call Options on Enovix (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of unusually large options trading activity on Thursday. Stock traders acquired 31,902 call options on the company. This is an increase of approximately 60% compared to the typical volume of 19,932 call options.

Insiders Place Their Bets

In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction 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 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 legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Institutional investors and hedge funds have recently bought and sold shares of the stock. Beacon Capital Management LLC lifted its position in shares of 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 purchasing an additional 1,000 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Enovix during the 3rd quarter worth approximately $31,000. Carmel Capital Partners LLC bought a new stake in Enovix in the third quarter worth $34,000. Able Wealth Management LLC bought a new stake in shares of Enovix in the fourth quarter valued at about $34,000. Finally, Quest Partners LLC acquired a new stake in shares of Enovix in the fourth quarter valued at approximately $49,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ENVX has been the subject of a number of research reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research note on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 price objective on shares of Enovix in a report on Thursday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Enovix currently has an average rating of “Moderate Buy” and a consensus target price of $27.43.

Enovix Price Performance

Shares of NASDAQ:ENVX opened at $6.46 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 5.15 and a current ratio of 5.30. The stock’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $10.11. Enovix has a 52-week low of $5.70 and a 52-week high of $23.90.

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