Check Out What Whales Are Doing With ENVX

Someone with a lot of money to spend has taken a bullish stance on Enovix ENVX.

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, 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 this whale just did?

Today, Benzinga's options scanner spotted 10 uncommon options trades for Enovix.

This isn't normal.

The overall sentiment of these big-money traders is split between 70% bullish and 30%, bearish.

Out of all of the special options we uncovered, 5 are puts, for a total amount of $478,470, and 5 are calls, for a total amount of $580,180.

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What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $5.0 to $12.5 for Enovix over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Enovix options trades today is 2119.29 with a total volume of 3,519.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Enovix's big money trades within a strike price range of $5.0 to $12.5 over the last 30 days.

Enovix Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Where Is Enovix Standing Right Now?

• With a volume of 6,181,537, the price of ENVX is up 11.14% at $8.38.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 55 days.

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.