Enovix Sees Unusually High Options Volume (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX – Get Rating) saw unusually large options trading on Monday. Traders bought 11,494 call options on the company. This is an increase of approximately 38% compared to the typical daily volume of 8,359 call options.

Enovix Stock Performance

NASDAQ:ENVX opened at $10.99 on Wednesday. The company has a market capitalization of $1.73 billion, a P/E ratio of -9.64 and a beta of 0.99. The stock’s 50 day moving average price is $8.67 and its 200 day moving average price is $13.33. Enovix has a 52 week low of $6.50 and a 52 week high of $26.30.

Wall Street Analyst Weigh In

ENVX has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of Enovix from $22.50 to $25.00 and gave the company an “overweight” rating in a research note on Thursday, February 23rd. B. Riley reduced their price target on shares of Enovix from $19.00 to $18.00 in a research report on Wednesday, January 4th. EF Hutton Acquisition Co. I reiterated a “buy” rating and set a $18.00 price objective on shares of Enovix in a research report on Thursday, February 23rd. JPMorgan Chase & Co. reduced their target price on Enovix from $28.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, January 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price target on shares of Enovix in a report on Friday, March 10th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $27.92.

Insider Transactions at Enovix

In other news, Director Thurman J. Rodgers bought 65,134 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average cost of $9.56 per share, with a total value of $622,681.04. Following the completion of the acquisition, the director now directly owns 465,134 shares in the company, valued at $4,446,681.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Enovix news, Director Thurman J. Rodgers purchased 65,134 shares of the firm’s stock in a transaction on Friday, March 10th. The shares were purchased at an average price of $9.56 per share, for a total transaction of $622,681.04. Following the completion of the transaction, the director now owns 465,134 shares in the company, valued at approximately $4,446,681.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rajendra K. Talluri acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were bought at an average price of $11.22 per share, with a total value of $56,100.00. Following the transaction, the chief executive officer now directly owns 2,005,000 shares in the company, valued at approximately $22,496,100. The disclosure for this purchase can be found here. Company insiders own 20.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Macquarie Group Ltd. acquired a new stake in Enovix in the 3rd quarter worth approximately $26,000. Endurance Wealth Management Inc. bought a new stake in shares of Enovix during the 4th quarter worth $25,000. Belpointe Asset Management LLC acquired a new position in Enovix in the 4th quarter valued at $25,000. Quantbot Technologies LP bought a new position in Enovix in the 2nd quarter worth $26,000. Finally, Emerald Advisers LLC acquired a new position in Enovix during the 3rd quarter worth $62,000. Institutional investors and hedge funds own 55.62% of the company’s stock.

Enovix Company Profile

(Get Rating)

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.