On May 30, 2023 at 15:35:24 ET an unusually large $344.97K block of Call contracts in Enovix (ENVX) was bought, with a strike price of $12.50 / share, expiring in 17 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.08 sigmas above the mean, placing it in the 98.29th percentile of all recent large trades made in ENVX options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 382 funds or institutions reporting positions in Enovix. This is a decrease of 9 owner(s) or 2.30% in the last quarter. Average portfolio weight of all funds dedicated to ENVX is 0.42%, a decrease of 1.84%. Total shares owned by institutions decreased in the last three months by 8.94% to 81,320K shares. The put/call ratio of ENVX is 0.40, indicating a bullish outlook.

Analyst Price Forecast Suggests 146.92% Upside

As of May 11, 2023, the average one-year price target for Enovix is 29.95. The forecasts range from a low of 15.15 to a high of $105.00. The average price target represents an increase of 146.92% from its latest reported closing price of 12.13.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Enovix is 8MM, an increase of 32.65%. The projected annual non-GAAP EPS is -0.74.

What are Other Shareholders Doing?

Eclipse Ventures holds 7,583K shares representing 4.79% ownership of the company. No change in the last quarter.

Park West Asset Management holds 5,417K shares representing 3.42% ownership of the company. In it’s prior filing, the firm reported owning 8,646K shares, representing a decrease of 59.61%. The firm decreased its portfolio allocation in ENVX by 31.44% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,709K shares representing 2.35% ownership of the company. In it’s prior filing, the firm reported owning 3,327K shares, representing an increase of 10.31%. The firm increased its portfolio allocation in ENVX by 23.39% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 3,095K shares representing 1.96% ownership of the company. In it’s prior filing, the firm reported owning 2,833K shares, representing an increase of 8.46%. The firm increased its portfolio allocation in ENVX by 25.67% over the last quarter.

Handelsbanken Fonder AB holds 2,606K shares representing 1.65% ownership of the company. In it’s prior filing, the firm reported owning 1,831K shares, representing an increase of 29.73%. The firm increased its portfolio allocation in ENVX by 57.06% over the last quarter.

Enovix Background Information
(This description is provided by the company.)

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company’s proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company’s initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy.

Key filings for this company:

• UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 1, 2023 o TRANSITION REPORT PURSUANT TO SECTION

This article originally appeared on Fintel

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