Enovix Sees Unusually Large Options Volume (NASDAQ:ENVX)

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

Insider Buying and Selling at Enovix

In other Enovix news, COO Ajay Marathe sold 4,954 shares of the company’s stock in a transaction dated Sunday, April 14th. The stock was sold at an average price of $7.31, for a total value of $36,213.74. Following the sale, the chief operating officer now owns 978,913 shares in the company, valued at approximately $7,155,854.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 17.30% of the company’s stock.

Institutional Trading of Enovix

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Enovix in the third quarter worth approximately $31,000. Beacon Capital Management LLC raised its stake in shares of Enovix by 66.7% in 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. Carmel Capital Partners LLC purchased a new stake in shares of Enovix in the third quarter worth approximately $34,000. Able Wealth Management LLC purchased a new stake in shares of Enovix in the fourth quarter worth approximately $34,000. Finally, Quest Partners LLC purchased a new stake in shares of Enovix in the fourth quarter worth approximately $49,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $17.00 target price on shares of Enovix in a research report on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and set a $30.00 target price on shares of Enovix in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Enovix Stock Down 4.2 %

NASDAQ:ENVX traded down $0.25 on Thursday, hitting $5.77. The stock had a trading volume of 1,769,919 shares, compared to its average volume of 4,377,042. The business’s fifty day moving average is $8.42 and its 200 day moving average is $10.16. The company has a market cap of $972.25 million, a PE ratio of -3.76 and a beta of 1.62. The company has a quick ratio of 5.15, a current ratio of 5.30 and a debt-to-equity ratio of 0.65. Enovix has a 52 week low of $5.70 and a 52 week high of $23.90.

Enovix (NASDAQ:ENVX) last announced 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). The firm had revenue of $7.38 million during the quarter, compared to the consensus estimate of $3.37 million. Enovix had a negative return on equity of 77.74% and a negative net margin of 2,800.51%. On average, equities research analysts expect 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.