Check Out What Whales Are Doing With ENVX

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 13 uncommon options trades for Enovix.

This isn't normal.

The overall sentiment of these big-money traders is split between 53% bullish and 46%, bearish.

Out of all of the special options we uncovered, 6 are puts, for a total amount of $355,488, and 7 are calls, for a total amount of $990,504.

Latest Startup Investment Opportunities:

Expected Price Movements

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 $20.0 for Enovix, spanning the last three months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

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 activity within a strike price range from $8.0 to $20.0 in the last 30 days.

Enovix Option Volume And Open Interest Over 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.

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

Present Market Standing of Enovix

• With a volume of 4,825,582, the price of ENVX is up 1.49% at $10.89.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 62 days.

What The Experts Say On Enovix

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $23.666666666666668.

• An analyst from EF Hutton has revised its rating downward to Buy, adjusting the price target to $24.
• In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $30.
• An analyst from Canaccord Genuity has revised its rating downward to Buy, adjusting the price target to $17.

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.