Traders Buy High Volume of Call Options on Enovix (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) was the recipient of some unusual options trading activity on Friday. Stock traders acquired 34,621 call options on the company. This is an increase of 42% compared to the typical daily volume of 24,412 call options.

Insider Buying and Selling at Enovix

In related news, COO Ajay Marathe sold 4,954 shares of the firm’s stock in a transaction dated Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the transaction, the chief operating officer now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Enovix by 27.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 35,403 shares of the company’s stock worth $444,000 after buying an additional 7,604 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Enovix by 3.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 479,097 shares of the company’s stock worth $6,013,000 after buying an additional 13,928 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Enovix by 16.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,668 shares of the company’s stock worth $297,000 after buying an additional 3,365 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Enovix in the 3rd quarter worth $31,000. Finally, Private Advisor Group LLC increased its holdings in shares of Enovix by 68.3% in the 3rd quarter. Private Advisor Group LLC now owns 141,285 shares of the company’s stock worth $1,773,000 after buying an additional 57,315 shares during the last quarter. Institutional investors own 50.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. B. Riley lowered their price objective on shares of Enovix from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Enovix in a research report on Wednesday, February 21st. William Blair reaffirmed an “outperform” rating on shares of Enovix in a research report on Thursday, May 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Enovix from $18.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research report on Thursday, April 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Enovix currently has an average rating of “Moderate Buy” and an average price target of $18.33.

Enovix Price Performance

ENVX opened at $10.81 on Friday. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -8.07 and a beta of 1.70. The company has a quick ratio of 4.77, a current ratio of 4.89 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $8.02 and a 200-day moving average price of $9.99. Enovix has a twelve month low of $5.70 and a twelve month high of $23.90.

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

Enovix Company Profile

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.