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

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 these are institutions or just wealthy individuals, we don't know. But when something this big happens with ENVX, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 11 uncommon options trades for Enovix.

This isn't normal.

The overall sentiment of these big-money traders is split between 72% bullish and 27%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $329,937, and 6 are calls, for a total amount of $298,467.

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Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $7.5 to $13.0 for Enovix over the recent three months.

Volume & Open Interest Trends

In today's trading context, the average open interest for options of Enovix stands at 2902.4, with a total volume reaching 5,364.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Enovix, situated within the strike price corridor from $7.5 to $13.0, throughout the last 30 days.

Enovix Option Activity Analysis: Last 30 Days

Biggest Options Spotted:

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.

Where Is Enovix Standing Right Now?

• With a volume of 2,287,588, the price of ENVX is up 1.35% at $9.73.
• RSI indicators hint that the underlying stock may be oversold.
• Next earnings are expected to be released in 30 days.

What Analysts Are Saying About Enovix

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $30.0.

• Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $30.

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.