Unusual Call Option Trade in Enovix (ENVX) Worth $750.45K

On March 29, 2023 at 09:53:26 ET an unusually large
$750.45K block of Call contracts in Enovix
(ENVX) was sold,
with a strike price of $5.00 / share, expiring in 114 days (on July 21, 2023).
Fintel tracks all large options trades, and the premium spent on this trade was 2.17 sigmas above the mean, placing it in the 98.73 percentile of all recent large trades made in ENVX options.

This trade was first picked up on Fintel’s real time Unusual Option Trades
tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 168.94% Upside

As of March 28, 2023,
the average one-year price target for Enovix is $30.23.
The forecasts range from a low of $15.15 to a high of $105.00.
The average price target represents an increase of 168.94% from its latest reported closing price of $11.24.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Enovix
is $8MM, an increase of 33.10%.

The projected annual non-GAAP EPS
is -$0.74.

What is the Fund Sentiment?

There are 395 funds or institutions reporting positions in Enovix.

This is an increase
of
20
owner(s) or 5.33% in the last quarter.

Average portfolio weight of all funds dedicated to ENVX is 0.43%,
a decrease
of 18.46%.

Total shares owned by institutions decreased
in the last three months by 2.20% to 89,177K shares.

The put/call ratio of ENVX is 0.41, indicating a

bullish
outlook.

What are Large Shareholders Doing?

Park West Asset Management
holds 8,646K shares

representing 5.48% ownership of the company.

In it’s prior filing, the firm reported owning 9,096K shares, representing
a decrease
of 5.20%.

The firm

decreased

its portfolio allocation in ENVX by 10.90% over the last quarter.

Eclipse Ventures
holds 7,583K shares

representing 4.81% ownership of the company.

In it’s prior filing, the firm reported owning 12,583K shares, representing
a decrease
of 65.93%.

The firm

decreased

its portfolio allocation in ENVX by 1.32% over the last quarter.

Electron Capital Partners
holds 5,036K shares

representing 3.19% ownership of the company.

In it’s prior filing, the firm reported owning 5,911K shares, representing
a decrease
of 17.38%.

The firm

decreased

its portfolio allocation in ENVX by 46.24% over the last quarter.

Point72 Asset Management
holds 3,697K shares

representing 2.34% ownership of the company.

In it’s prior filing, the firm reported owning 1,471K shares, representing
an increase
of 60.22%.

The firm

increased

its portfolio allocation in ENVX by 45.15% over the last quarter.

Encompass Capital Advisors
holds 3,461K shares

representing 2.19% ownership of the company.

In it’s prior filing, the firm reported owning 2,729K shares, representing
an increase
of 21.16%.

The firm

decreased

its portfolio allocation in ENVX by 33.76% over the last quarter.

Enovix Background Information
(This description is provided by the company.)

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company’s proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company’s initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.