Enovix Target of Unusually High Options Trading (NASDAQ:ENVX)

Enovix Corporation (NASDAQ:ENVX) was the target of unusually large options trading activity on Thursday. Investors acquired 32,163 call options on the stock. This represents an increase of approximately 106% compared to the typical volume of 15,610 call options.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of analyst reports. TD Securities cut their price objective on shares of Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. B. Riley reduced their price objective on shares of Enovix from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Benchmark reduced their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. decreased their price target on Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.27.

Enovix Stock Performance

Shares of NASDAQ ENVX opened at $10.53 on Friday. Enovix has a 12-month low of $5.27 and a 12-month high of $18.68. The company has a current ratio of 4.68, a quick ratio of 4.49 and a debt-to-equity ratio of 0.71. The company has a market cap of $2.02 billion, a PE ratio of -8.16 and a beta of 2.00. The stock has a 50 day simple moving average of $7.64 and a 200-day simple moving average of $8.87.

Institutional Investors Weigh In On Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in Enovix by 4.1% during the 4th quarter. Rhumbline Advisers now owns 219,070 shares of the company’s stock valued at $2,381,000 after purchasing an additional 8,564 shares during the period. Atria Wealth Solutions Inc. lifted its position in shares of Enovix by 11.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 21,594 shares of the company’s stock worth $235,000 after purchasing an additional 2,250 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Enovix by 17.4% during the fourth quarter. Private Advisor Group LLC now owns 117,251 shares of the company’s stock worth $1,275,000 after purchasing an additional 17,351 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Enovix during the fourth quarter valued at approximately $1,380,000. Finally, Bank of New York Mellon Corp increased its stake in Enovix by 6.1% in the 4th quarter. Bank of New York Mellon Corp now owns 501,539 shares of the company’s stock valued at $5,452,000 after buying an additional 28,905 shares during the period. 50.92% of the stock is currently owned by institutional investors.

About Enovix

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.