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

Enovix Co. (NASDAQ:ENVX) saw unusually large options trading activity on Wednesday. Traders acquired 36,196 call options on the stock. This represents an increase of 38% compared to the average volume of 26,183 call options.

Enovix Stock Up 14.7 %

Shares of ENVX stock opened at $11.75 on Thursday. The company has a current ratio of 11.07, a quick ratio of 11.05 and a debt-to-equity ratio of 0.67. Enovix has a 1 year low of $6.50 and a 1 year high of $23.90. The firm’s fifty day moving average price is $11.62 and its two-hundred day moving average price is $14.06. The firm has a market capitalization of $1.88 billion, a P/E ratio of -6.99 and a beta of 1.65.

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 36,000 shares of Enovix stock in a transaction on Friday, August 11th. The shares were sold at an average price of $16.25, for a total transaction of $585,000.00. Following the transaction, the director now directly owns 159,369 shares of the company’s stock, valued at $2,589,746.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 17.30% of the company’s stock.

Institutional Investors Weigh In On Enovix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathstone Family Office LLC acquired a new stake in Enovix in the 3rd quarter valued at $161,000. Charles Schwab Investment Management Inc. grew its stake in Enovix by 16.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,034,802 shares of the company’s stock valued at $12,987,000 after buying an additional 146,028 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in Enovix in the 3rd quarter valued at about $1,167,000. Atria Wealth Solutions Inc. acquired a new position in Enovix in the 3rd quarter valued at about $264,000. Finally, Sowell Financial Services LLC bought a new stake in Enovix in the 3rd quarter valued at about $476,000. 49.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ENVX shares. Craig Hallum lifted their price target on shares of Enovix from $15.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, July 27th. TD Cowen cut shares of Enovix from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $19.00 to $20.00 in a research report on Friday, July 21st. B. Riley cut their price objective on shares of Enovix from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Cantor Fitzgerald boosted their price objective on shares of Enovix from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.11.

About Enovix

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. The company was founded in 2007 and is headquartered in Fremont, California.