Traders Purchase Large Volume of Enovix Call Options (NASDAQ:ENVX)

Enovix Corporation (NASDAQ:ENVX) was the target of unusually large options trading on Monday. Stock investors bought 30,183 call options on the company. This represents an increase of approximately 92% compared to the typical volume of 15,722 call options.

Hedge Funds Weigh In On Enovix

A number of institutional investors have recently modified their holdings of ENVX. Caitlin John LLC purchased a new stake in Enovix during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in Enovix in the 4th quarter worth approximately $30,000. Parallel Advisors LLC grew its stake in shares of Enovix by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 3,926 shares of the company’s stock worth $39,000 after purchasing an additional 1,342 shares during the period. CWM LLC increased its holdings in shares of Enovix by 95.4% during the 4th quarter. CWM LLC now owns 6,081 shares of the company’s stock valued at $44,000 after purchasing an additional 2,969 shares in the last quarter. Finally, Bowman & Co S.C. purchased a new stake in Enovix during the fourth quarter worth $73,000. 50.92% of the stock is owned by hedge funds and other institutional investors.

Enovix Price Performance

ENVX traded up $0.52 during trading on Monday, reaching $5.58. 4,596,575 shares of the company traded hands, compared to its average volume of 6,266,448. The company has a market cap of $1.21 billion, a P/E ratio of -7.20 and a beta of 2.16. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. Enovix has a 12-month low of $4.61 and a 12-month high of $16.49. The firm has a fifty day simple moving average of $5.66 and a 200 day simple moving average of $8.07.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TD Cowen cut their price objective on Enovix from $15.00 to $7.50 and set a “hold” rating for the company in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Enovix in a report on Monday, December 29th. Bank of America started coverage on shares of Enovix in a research report on Thursday, March 12th. They issued a “neutral” rating and a $6.00 price target for the company. B. Riley Financial decreased their price objective on shares of Enovix from $17.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, Canaccord Genuity Group dropped their target price on shares of Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Enovix has an average rating of “Hold” and a consensus target price of $13.46.

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.