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Enovix Sees Bullish Options Activity on October 30
High-rolling investors have taken a bullish stance on Enovix Corp (NASDAQ: ENVX), which is noteworthy for retail traders to consider. This unusual activity was highlighted through tracking of publicly available options data.
As of today, Benzinga's options scanner identified eight options trades specific to Enovix, indicating an atypical pattern in trading.
The sentiment among these significant traders appears to be mixed, with approximately 75% showing bullish tendencies and 25% bearish. Of the options trades noted, there was one put option valued at $105,105 and seven call options amounting to a total of $343,470.
Predicted Price Range
Based on the trading volume and open interest for these contracts, it seems that larger investors are eyeing a price range for Enovix between $5.00 and $13.00 over the past three months.
Volume & Open Interest Development
Today's average open interest for Enovix options trades sits at 2,783.88, with a total trading volume of 1,419.00.
A chart illustrating the trend of volume and open interest for both call and put options in the $5.00 to $13.00 range for Enovix over the last month is useful to analyze investor behavior.
Recent Options Activity Overview
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ENVX | PUT | SWEEP | BULLISH | 04/17/25 | $3.95 | $3.85 | $3.85 | $13.00 | $105.1K | 294 | 274 |
| ENVX | CALL | SWEEP | BEARISH | 04/17/25 | $3.70 | $3.65 | $3.65 | $9.00 | $100.4K | 749 | 276 |
| ENVX | CALL | SWEEP | BEARISH | 04/17/25 | $3.50 | $3.45 | $3.45 | $10.00 | $97.3K | 1.3K | 283 |
| ENVX | CALL | TRADE | BULLISH | 11/01/24 | $2.13 | $2.13 | $2.13 | $9.00 | $31.9K | 1.1K | 150 |
| ENVX | CALL | TRADE | BULLISH | 01/17/25 | $6.15 | $5.25 | $5.88 | $5.00 | $29.4K | 3.7K | 50 |
Company Overview: Enovix
Enovix Corp is dedicated to developing and producing advanced silicon-anode lithium-ion batteries. The company is also working on innovative 3D cell technology and production methods aimed at supporting electric vehicles and energy storage solutions, which would facilitate broader adoption of renewable energy sources.
Current Performance of Enovix
- As of now, Enovix stock (ENVX) stands at $9.92, having declined by 6.68% with a volume of 13,865,343.
- Relative Strength Index (RSI) signals suggest that the stock may be nearing overbought conditions.
- Upcoming earnings reports are expected in about 111 days.
Analyst Opinions on Enovix
In the past month, three analysts have provided their insights on Enovix, suggesting an average target price of approximately $23.33.
Notable Options Activity: Understanding Investor Sentiment
Unusual options activity can often spot market movements before they materialize. Many investors are keen to see how larger players approach this stock. Based on current ratings, one analyst from JP Morgan maintains an Overweight rating with a target price of $15. Another analyst from Benchmark has downgraded their action to Buy with a target of $25, while Cantor Fitzgerald has cautiously adjusted their rating to Overweight with a price target of $30.
While trading options carries more risk compared to trading stocks directly, the profit potential can be significant. Experienced option traders typically manage risks by educating themselves, strategically entering and exiting trades, employing multiple indicators, and keeping a close watch on market conditions.
For ongoing updates regarding the latest options trades for Enovix, real-time trade alerts are available that could be beneficial.
Enovix, Options, Trading