High-rolling investors have positioned themselves bullish on Enovix ENVX, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in ENVX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Enovix. This is not a typical pattern.
The sentiment among these major traders is split, with 70% bullish and 30% bearish. Among all the options we identified, there was one put, amounting to $44,824, and 9 calls, totaling $417,275.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $6.5 to $20.0 for Enovix over the recent three months.
Analyzing Volume & Open Interest
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 $6.5 to $20.0 in the last 30 days.
Enovix Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| ENVX | CALL | TRADE | BULLISH | 10/18/24 | $14.00 | $97.0K | 1.1K | 1.1K |
| ENVX | CALL | SWEEP | BULLISH | 10/18/24 | $14.00 | $78.1K | 1.1K | 1.1K |
| ENVX | CALL | SWEEP | BULLISH | 10/18/24 | $7.00 | $47.7K | 282 | 155 |
| ENVX | PUT | SWEEP | BEARISH | 04/19/24 | $8.00 | $44.8K | 3.2K | 1.0K |
| ENVX | CALL | SWEEP | BULLISH | 04/19/24 | $6.50 | $42.2K | 323 | 202 |
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.
Current Position of Enovix
- Trading volume stands at 6,160,195, with ENVX's price up by 7.75%, positioned at $8.41.
- RSI indicators show the stock to be may be approaching oversold.
- Earnings announcement expected in 35 days.
What Analysts Are Saying About 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.
- Reflecting concerns, an analyst from EF Hutton lowers its rating to Buy with a new price target of $24.
- An analyst from Cantor Fitzgerald has revised its rating downward to Overweight, adjusting the price target to $30.
- Reflecting concerns, an analyst from Canaccord Genuity lowers its rating to Buy with a new price target of $17.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Enovix with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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