Deep-pocketed investors have adopted a bullish approach towards Enovix ENVX, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ENVX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Enovix. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 60% leaning bullish and 30% bearish. Among these notable options, 8 are puts, totaling $268,650, and 2 are calls, amounting to $122,772.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $10.0 to $20.0 for Enovix over the recent three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Enovix options trades today is 2762.78 with a total volume of 7,662.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Enovix's big money trades within a strike price range of $10.0 to $20.0 over the last 30 days.
Enovix 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ENVX | CALL | TRADE | BULLISH | 08/16/24 | $0.31 | $0.28 | $0.3 | $12.00 | $91.9K | 5.8K | 3.2K |
| ENVX | PUT | SWEEP | BULLISH | 09/20/24 | $1.14 | $1.12 | $1.12 | $11.00 | $56.0K | 1.8K | 620 |
| ENVX | PUT | SWEEP | BULLISH | 09/13/24 | $0.89 | $0.75 | $0.75 | $10.00 | $37.5K | 24 | 70 |
| ENVX | PUT | SWEEP | BEARISH | 10/18/24 | $5.1 | $5.0 | $5.1 | $16.00 | $34.1K | 941 | 80 |
| ENVX | PUT | TRADE | BEARISH | 08/16/24 | $8.65 | $8.6 | $8.65 | $20.00 | $32.8K | 212 | 40 |
About Enovix
Enovix Corp is engaged in the business of advanced silicon-anode lithium-ion battery development and production. It is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable the widespread utilization of renewable energy.
After a thorough review of the options trading surrounding Enovix, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Enovix's Current Market Status
- Currently trading with a volume of 3,125,611, the ENVX's price is down by -10.82%, now at $10.63.
- RSI readings suggest the stock is currently may be oversold.
- Anticipated earnings release is in 88 days.
Expert Opinions on Enovix
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $21.6.
- In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $30.
- Reflecting concerns, an analyst from Piper Sandler lowers its rating to Overweight with a new price target of $19.
- An analyst from TD Cowen has decided to maintain their Hold rating on Enovix, which currently sits at a price target of $14.
- An analyst from Canaccord Genuity persists with their Buy rating on Enovix, maintaining a target price of $20.
- An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $25.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Enovix, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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