The Bearish Buzz Surrounding Enovix: Unusual Options Activity

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By Ronald Tech

Deep-pocketed investors have adopted a bearish approach towards Enovix ENVX, and it’s something market players shouldn’t ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ENVX usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga’s options scanner highlighted 8 extraordinary options activities for Enovix. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 3 are puts, totaling $181,406, and 5 are calls, amounting to $313,639.

Projections of Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.5 to $20.0 for Enovix over the last 3 months.

Volume & Open Interest Analysis

In today’s trading context, the average open interest for options of Enovix stands at 9835.75, with a total volume reaching 2,936.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Enovix, situated within the strike price corridor from $7.5 to $20.0, throughout the last 30 days.

Snapshot of Enovix’s 30-Day Option Volume & Interest

Detected Significant Options Trades:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
ENVX CALL SWEEP BULLISH 01/17/25 $7.50 $100.6K 4.3K 200
ENVX CALL SWEEP BEARISH 03/15/24 $12.00 $93.0K 1.0K 804
ENVX PUT SWEEP BULLISH 04/19/24 $11.00 $75.0K 5.2K 522
ENVX PUT SWEEP BEARISH 04/19/24 $10.00 $56.4K 4.3K 505
ENVX PUT TRADE BEARISH 01/17/25 $12.50 $50.0K 9.5K 125

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.

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Following our analysis of the options activities associated with Enovix, we pivot to a closer look at the company’s own performance.

Current Position of Enovix

  • Currently trading with a volume of 5,445,496, the ENVX’s price is up by 6.82%, now at $11.43.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 11 days.

Professional Analyst Ratings for Enovix

Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $30.0.

  • Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new 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.