Investors Buy Large Volume of Call Options on Enovix (NASDAQ:ENVX)

Enovix Corporation (NASDAQ:ENVX) was the target of some unusual options trading on Monday. Traders purchased 30,183 call options on the company. This represents an increase of 92% compared to the average daily volume of 15,722 call options.

Analyst Upgrades and Downgrades

ENVX has been the subject of several analyst reports. Canaccord Genuity Group lowered their price objective on Enovix from $21.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. B. Riley Financial lowered their price objective on Enovix from $17.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Oppenheimer reiterated an “outperform” rating on shares of Enovix in a research report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Enovix in a research report on Monday, December 29th. Finally, Wells Fargo & Company set a $6.00 price objective on Enovix in a research report on Thursday, March 12th. Six equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $13.46.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new position in shares of Enovix during the fourth quarter worth $30,000. Virtu Financial LLC purchased a new position in shares of Enovix during the fourth quarter worth $848,000. Invesco Ltd. boosted its position in shares of Enovix by 65.6% during the fourth quarter. Invesco Ltd. now owns 1,487,425 shares of the company’s stock worth $10,873,000 after buying an additional 589,271 shares during the period. Mackenzie Financial Corp purchased a new position in shares of Enovix during the fourth quarter worth $77,000. Finally, NewEdge Advisors LLC boosted its position in shares of Enovix by 8.2% during the fourth quarter. NewEdge Advisors LLC now owns 39,607 shares of the company’s stock worth $290,000 after buying an additional 3,012 shares during the period. 50.92% of the stock is currently owned by hedge funds and other institutional investors.

Enovix Trading Up 13.6%

Shares of Enovix stock opened at $5.75 on Tuesday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.47 and a beta of 2.16. Enovix has a fifty-two week low of $4.61 and a fifty-two week high of $16.49. The company has a debt-to-equity ratio of 1.90, a quick ratio of 8.13 and a current ratio of 8.34. The stock has a 50 day moving average of $5.64 and a 200 day moving average of $8.04.

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.