This Is What Whales Are Betting On Enovix

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 8 uncommon options trades for Enovix.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $222,867, and 5 are calls, for a total amount of $360,341.

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 $12.0 and $20.0 for Enovix, spanning the last three months.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Enovix's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Enovix's substantial trades, within a strike price spectrum from $12.0 to $20.0 over the preceding 30 days.

Enovix 30-Day Option Volume & Interest Snapshot

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.

After a thorough review of the options trading surrounding Enovix, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Enovix Standing Right Now?

• With a trading volume of 1,429,146, the price of ENVX is down by -1.78%, reaching $9.91.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 56 days from now.

Expert Opinions on Enovix

In the last month, 3 experts released ratings on this stock with an average target price of $23.666666666666668.

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