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

Enovix Corporation (NASDAQ:ENVX) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 52,529 call options on the company. This represents an increase of approximately 196% compared to the average daily volume of 17,770 call options.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Cantor Fitzgerald decreased their price objective on shares of Enovix from $30.00 to $25.00 and set an “overweight” rating for the company in a research note on Thursday, November 6th. Oppenheimer set a $24.00 price objective on Enovix in a report on Thursday, November 6th. JPMorgan Chase & Co. dropped their price objective on Enovix from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday, November 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Enovix in a report on Monday, December 15th. Finally, Wall Street Zen cut shares of Enovix from a “hold” rating to a “sell” rating in a research note on Saturday, September 6th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.50.

Enovix Stock Performance

Shares of Enovix stock traded down $0.12 during trading hours on Tuesday, reaching $8.23. The company’s stock had a trading volume of 2,459,321 shares, compared to its average volume of 6,888,564. The company has a debt-to-equity ratio of 1.74, a quick ratio of 9.47 and a current ratio of 9.72. The company’s 50 day simple moving average is $9.41 and its 200 day simple moving average is $10.41. Enovix has a one year low of $5.27 and a one year high of $16.49. The stock has a market cap of $1.78 billion, a P/E ratio of -10.15 and a beta of 2.13.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings data on Tuesday, September 9th. The company reported ($0.13) earnings per share for the quarter. Enovix had a negative net margin of 525.93% and a negative return on equity of 61.78%. The firm had revenue of $7.47 million during the quarter. As a group, analysts expect that Enovix will post -1.01 EPS for the current fiscal year.

Insider Buying and Selling

In other Enovix news, COO Ajay Marathe sold 120,000 shares of the stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $12.01, for a total value of $1,441,200.00. Following the sale, the chief operating officer owned 1,027,259 shares of the company’s stock, valued at $12,337,380.59. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 14.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Enovix

Hedge funds have recently bought and sold shares of the business. Nuveen LLC acquired a new stake in shares of Enovix during the 1st quarter valued at $3,030,000. Cresset Asset Management LLC lifted its holdings in Enovix by 60.1% in the 1st quarter. Cresset Asset Management LLC now owns 39,958 shares of the company’s stock worth $293,000 after purchasing an additional 15,000 shares during the last quarter. AlphaQuest LLC lifted its position in Enovix by 214.4% during the 1st quarter. AlphaQuest LLC now owns 38,216 shares of the company’s stock worth $281,000 after acquiring an additional 26,062 shares during the last quarter. Old West Investment Management LLC boosted its stake in Enovix by 7.0% during the 1st quarter. Old West Investment Management LLC now owns 835,537 shares of the company’s stock valued at $6,133,000 after purchasing an additional 54,973 shares during the period. Finally, Nishkama Capital LLC increased its position in Enovix by 132.0% during the first quarter. Nishkama Capital LLC now owns 610,997 shares of the company’s stock worth $4,485,000 after acquiring an additional 347,628 shares during the period. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Company Profile

Enovix Corporation (NASDAQ: ENVX) develops and manufactures advanced lithium-ion battery cells with a patented three-dimensional silicon-anode architecture. The company’s core focus is on delivering high energy density, improved safety, and longer cycle life compared to conventional graphite-based cells. Enovix’s technology targets a range of applications, including consumer electronics, wearable devices, electric vehicles and stationary energy storage systems.

Founded in 2011 and headquartered in Fremont, California, Enovix has built pilot production capability and is scaling up manufacturing capacity to meet growing demand.