Stock Traders Buy Large Volume of Put Options on Enovix (NASDAQ:ENVX)

Enovix Co. (NASDAQ:ENVX) saw some unusual options trading on Monday. Investors acquired 42,216 put options on the company. This is an increase of approximately 29% compared to the typical daily volume of 32,733 put options.

Insider Buying and Selling at Enovix

In other news, Director Gregory Reichow sold 7,500 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.14, for a total value of $91,050.00. Following the sale, the director now directly owns 8,129 shares in the company, valued at $98,686.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 17.30% of the stock is owned by corporate insiders.

Institutional Trading of Enovix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Enovix by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 13,093,710 shares of the company’s stock valued at $104,881,000 after purchasing an additional 164,717 shares during the period. Driehaus Capital Management LLC boosted its holdings in Enovix by 63.7% during the second quarter. Driehaus Capital Management LLC now owns 3,886,492 shares of the company’s stock worth $60,085,000 after buying an additional 1,512,424 shares during the last quarter. Electron Capital Partners LLC boosted its holdings in Enovix by 20.0% during the fourth quarter. Electron Capital Partners LLC now owns 3,239,296 shares of the company’s stock worth $40,556,000 after buying an additional 540,399 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Enovix by 2,228.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,438,011 shares of the company’s stock worth $11,518,000 after buying an additional 1,376,253 shares during the period. Finally, Masters Capital Management LLC increased its stake in shares of Enovix by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 1,350,000 shares of the company’s stock valued at $10,814,000 after acquiring an additional 50,000 shares during the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Enovix Price Performance

ENVX stock traded up $0.07 during trading on Monday, hitting $9.77. 4,263,416 shares of the stock traded hands, compared to its average volume of 5,444,202. The company has a current ratio of 3.98, a quick ratio of 3.84 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -7.24 and a beta of 1.99. Enovix has a one year low of $5.70 and a one year high of $18.68. The company has a 50 day simple moving average of $12.19 and a 200 day simple moving average of $10.55.

Enovix (NASDAQ:ENVX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $3.77 million for the quarter, compared to the consensus estimate of $3.85 million. Enovix had a negative net margin of 1,434.34% and a negative return on equity of 91.21%. Equities analysts expect that Enovix will post -1.21 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ENVX. Canaccord Genuity Group raised their target price on Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. TD Cowen raised their price objective on shares of Enovix from $11.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Craig Hallum increased their target price on shares of Enovix from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. B. Riley raised Enovix to a “strong-buy” rating in a research report on Tuesday, June 25th. Finally, Benchmark initiated coverage on Enovix in a research note on Monday, July 22nd. They set a “buy” rating and a $25.00 price target for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Enovix presently has an average rating of “Buy” and a consensus price target of $21.33.

About Enovix

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.