Enovix Sees Unusually High Options Volume (NASDAQ:ENVX)

Enovix Corporation (NASDAQ:ENVX) was the recipient of some unusual options trading activity on Thursday. Stock traders acquired 32,163 call options on the stock. This is an increase of 106% compared to the typical volume of 15,610 call options.

Institutional Investors Weigh In On Enovix

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Enovix by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 15,773,464 shares of the company’s stock valued at $171,458,000 after purchasing an additional 2,063,631 shares during the last quarter. Electron Capital Partners LLC boosted its position in shares of Enovix by 18.6% during the 1st quarter. Electron Capital Partners LLC now owns 6,712,763 shares of the company’s stock worth $49,272,000 after acquiring an additional 1,054,029 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Enovix by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 3,818,827 shares of the company’s stock valued at $41,520,000 after acquiring an additional 235,142 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in shares of Enovix by 1.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,323,612 shares of the company’s stock valued at $17,055,000 after acquiring an additional 41,559 shares during the last quarter. Finally, Fred Alger Management LLC raised its position in shares of Enovix by 21.5% during the 1st quarter. Fred Alger Management LLC now owns 2,233,446 shares of the company’s stock worth $16,393,000 after acquiring an additional 394,532 shares in the last quarter. 50.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ENVX shares. JPMorgan Chase & Co. dropped their price objective on shares of Enovix from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. TD Securities reduced their price objective on Enovix from $10.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. B. Riley decreased their target price on Enovix from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Finally, Benchmark reduced their price target on Enovix from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.27.

Enovix Price Performance

ENVX stock opened at $10.53 on Friday. Enovix has a 52-week low of $5.27 and a 52-week high of $18.68. The company has a quick ratio of 4.49, a current ratio of 4.68 and a debt-to-equity ratio of 0.71. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -8.16 and a beta of 2.00. The business has a fifty day moving average of $7.64 and a two-hundred day moving average of $8.87.

About Enovix

Enovix Corporation designs develops and manufactures silicon-anode 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.