Investors with a lot of money to spend have taken a bullish stance on Enovix ENVX.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with ENVX, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Enovix.
This isn't normal.
The overall sentiment of these big-money traders is split between 75% bullish and 25%, bearish.
Out of all of the options we uncovered, 7 are puts, for a total amount of $245,112, and there was 1 call, for a total amount of $25,250.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $8.0 to $18.0 for Enovix over the recent three months.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Enovix's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Enovix's whale trades within a strike price range from $8.0 to $18.0 in the last 30 days.
Enovix 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ENVX | PUT | SWEEP | BULLISH | 09/20/24 | $0.84 | $0.79 | $0.79 | $10.00 | $48.0K | 5.2K | 1.6K |
| ENVX | PUT | SWEEP | BULLISH | 09/20/24 | $0.89 | $0.86 | $0.86 | $10.00 | $43.0K | 5.2K | 512 |
| ENVX | PUT | SWEEP | BULLISH | 09/20/24 | $0.88 | $0.85 | $0.85 | $10.00 | $42.5K | 5.2K | 1.0K |
| ENVX | PUT | TRADE | BEARISH | 10/18/24 | $8.2 | $8.0 | $8.19 | $18.00 | $32.7K | 167 | 44 |
| ENVX | PUT | SWEEP | BEARISH | 09/20/24 | $0.56 | $0.53 | $0.56 | $9.00 | $27.9K | 2.7K | 582 |
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.
Following our analysis of the options activities associated with Enovix, we pivot to a closer look at the company's own performance.
Current Position of Enovix
- With a trading volume of 2,612,910, the price of ENVX is down by -6.43%, reaching $9.97.
- Current RSI values indicate that the stock is may be approaching oversold.
- Next earnings report is scheduled for 81 days from now.
Professional Analyst Ratings for Enovix
In the last month, 5 experts released ratings on this stock with an average target price of $19.6.
- An analyst from TD Cowen persists with their Hold rating on Enovix, maintaining a target price of $14.
- An analyst from Craig-Hallum has decided to maintain their Buy rating on Enovix, which currently sits at a price target of $20.
- An analyst from Benchmark downgraded its action to Buy with a price target of $25.
- Consistent in their evaluation, an analyst from Canaccord Genuity keeps a Buy rating on Enovix with a target price of $20.
- An analyst from Piper Sandler has revised its rating downward to Overweight, adjusting the price target to $19.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Enovix with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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