Enovix's Options: A Look at What the Big Money is Thinking

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 16 extraordinary options activities for Enovix. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 56% leaning bullish and 37% bearish. Among these notable options, 7 are puts, totaling $721,461, and 9 are calls, amounting to $423,389.

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 $8.0 and $23.0 for Enovix, spanning the last three months.

Analyzing Volume & Open Interest

In terms of liquidity and interest, the mean open interest for Enovix options trades today is 2689.43 with a total volume of 15,081.00.

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 $8.0 to $23.0 over the last 30 days.

Enovix 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

About Enovix

Enovix Corp is engaged in designing, developing, manufacturing, and commercializing Lithium-ion, or Li-ion, battery cells. It uses BreakFlow and Encapsulation technologies to manufacture high capacity and resilient batteries. The company's product portfolio comprises power disc batteries, flexible lithium-ion polymer batteries, superior lithium-ion polymer batteries, active silicon lithium-ion cells, and others. Geographically, the company generates maximum revenue from its customers in South Korea, followed by Switzerland, Norway, the United States, Taiwan, and other regions.

Following our analysis of the options activities associated with Enovix, we pivot to a closer look at the company's own performance.

Enovix's Current Market Status

• Trading volume stands at 3,369,724, with ENVX's price up by 4.6%, positioned at $13.63.
• RSI indicators show the stock to be may be overbought.
• Earnings announcement expected in 22 days.

Expert Opinions on Enovix

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $15.0.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Craig-Hallum persists with their Buy rating on Enovix, maintaining a target price of $15.

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.