Investors with significant funds have taken a bearish position in Enovix ENVX, a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in ENVX usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 10 options transactions for Enovix. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 30% being bullish and 70% bearish. Of all the options we discovered, 9 are puts, valued at $566,822, and there was a single call, worth $28,700.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $9.0 and $17.0 for Enovix, spanning the last three months.
Insights into Volume & Open Interest
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 $9.0 to $17.0 in the last 30 days.
Enovix Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ENVX | PUT | TRADE | BEARISH | 09/20/24 | $7.15 | $7.1 | $7.15 | $17.00 | $143.0K | 948 | 200 |
| ENVX | PUT | TRADE | BEARISH | 09/20/24 | $4.05 | $4.0 | $4.05 | $14.00 | $94.7K | 2.0K | 400 |
| ENVX | PUT | TRADE | BEARISH | 09/20/24 | $4.05 | $4.0 | $4.05 | $14.00 | $67.2K | 2.0K | 0 |
| ENVX | PUT | SWEEP | BEARISH | 09/20/24 | $0.59 | $0.58 | $0.59 | $9.00 | $58.9K | 5.2K | 1.0K |
| ENVX | PUT | SWEEP | BEARISH | 09/20/24 | $1.54 | $1.5 | $1.53 | $11.00 | $53.8K | 2.3K | 97 |
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.
Having examined the options trading patterns of Enovix, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Enovix's Current Market Status
- Currently trading with a volume of 2,176,978, the ENVX's price is down by 0.0%, now at $10.13.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 77 days.
Professional Analyst Ratings for Enovix
5 market experts have recently issued ratings for this stock, with a consensus target price of $22.8.
- An analyst from Craig-Hallum persists with their Buy rating on Enovix, maintaining a target price of $20.
- An analyst from Piper Sandler downgraded its action to Overweight with a price target of $19.
- Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $30.
- Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $25.
- An analyst from Canaccord Genuity has decided to maintain their Buy rating on Enovix, which currently sits at a price target of $20.
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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