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

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading on Thursday. Stock traders acquired 31,902 call options on the stock. This represents an increase of approximately 60% compared to the typical daily volume of 19,932 call options.

Wall Street Analyst Weigh In

Several analysts have issued reports on ENVX shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $30.00 price objective on shares of Enovix in a research note on Thursday. Canaccord Genuity Group reissued a “buy” rating and set a $17.00 price target on shares of Enovix in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Enovix has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Insider Activity at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of Enovix stock in a transaction on Sunday, April 14th. The shares were sold at an average price of $7.31, for a total transaction of $36,213.74. Following the completion of 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 this link. 17.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Enovix

Several hedge funds have recently made changes to their positions in ENVX. Meridian Wealth Management LLC increased its stake in shares of Enovix by 15.7% during the first quarter. Meridian Wealth Management LLC now owns 99,870 shares of the company’s stock valued at $800,000 after buying an additional 13,530 shares during the period. Wealth Effects LLC grew its holdings in Enovix by 44.7% during the 1st quarter. Wealth Effects LLC now owns 147,200 shares of the company’s stock worth $1,179,000 after acquiring an additional 45,450 shares in the last quarter. Refined Wealth Management grew its holdings in Enovix by 42.5% during the 1st quarter. Refined Wealth Management now owns 458,792 shares of the company’s stock worth $3,675,000 after acquiring an additional 136,758 shares in the last quarter. tru Independence LLC increased its position in Enovix by 0.6% during the 1st quarter. tru Independence LLC now owns 303,435 shares of the company’s stock valued at $2,431,000 after purchasing an additional 1,712 shares during the period. Finally, Udine Wealth Management Inc. raised its holdings in shares of Enovix by 1.9% in the 1st quarter. Udine Wealth Management Inc. now owns 137,314 shares of the company’s stock valued at $1,100,000 after purchasing an additional 2,601 shares in the last quarter. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Price Performance

Enovix stock opened at $5.84 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 5.30 and a quick ratio of 5.15. The firm has a 50-day moving average of $8.30 and a two-hundred day moving average of $10.13. Enovix has a 1 year low of $5.70 and a 1 year 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 for the quarter, missing the consensus estimate of ($0.34) by ($0.01). Enovix had a negative net margin of 2,800.51% and a negative return on equity of 77.74%. The company had revenue of $7.38 million for the quarter, compared to the consensus estimate of $3.37 million. Equities analysts anticipate that Enovix will post -1.13 EPS for the current fiscal 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.