Enovix: A Closer Look at Unusual Options Activity for October 30

Investors are showing a strong bullish sentiment towards Enovix Corp (NASDAQ: ENVX), which is something retail traders should pay close attention to. This trend caught our eye through the tracking of publicly accessible options data.

While we may not know who these high-profile investors are, the large trades on ENVX might indicate that they possess specific inside knowledge about the company's future.

On October 30, Benzinga's options scanner identified a total of 8 options trades related to Enovix. This number is notably higher than what is typically observed.

The general sentiment among these seasoned traders appears to be mixed: 75% are optimistic about the potential gains, while 25% are taking a more cautious stance. Among the identified options trades, only one was a put option, valued at $105,105, whereas the remaining seven were calls amounting to $343,470.

Predicted Price Range

Analyzing the volume and open interest of these contracts suggests that significant investors are targeting a price range for Enovix between $5.00 and $13.00 over the past three months.

Volume & Open Interest Overview

When we look at liquidity and trading interest today, the average open interest for Enovix options trades stands at 2,783.88, with a total volume of 1,419.00.

30-Day Options Activity Snapshot

To better visualize the options activity, we can examine a chart displaying the trends in volume and open interest for both calls and puts with strike prices ranging from $5.00 to $13.00 over the last 30 days.

Noteworthy Options Trades Identified:

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

Overview of Enovix

Enovix Corp is focused on developing and manufacturing advanced silicon-anode lithium-ion batteries. The company is also advancing its 3D cell technology production process, which is expected to assist in the energy storage and electric vehicle sectors.

Given the recent options activity regarding Enovix, it's crucial to examine the company's current market performance.

Current Market Position of Enovix

• The current trading volume is 13,865,343, and the stock price of ENVX has decreased by 6.68%, standing at $9.92.
• RSI indicators suggest that the stock may be nearing overbought territory.
• Upcoming earnings are anticipated to be released in 111 days.

Analyst Ratings for Enovix

In the last month, three financial analysts have provided insights regarding this stock, presenting an average target price of approximately $23.33.

Recent Analysis of Options Activity: Major Investors on the Move

Monitoring unusual options activity can reveal potential market moves ahead of time. It is worth noting that a JP Morgan analyst maintains an Overweight rating for Enovix, targeting a stock price of $15. In a recent review, an analyst from Benchmark has adjusted the rating to Buy with a target price of $25, while another from Cantor Fitzgerald has downgraded its recommendation to Overweight with a price target of $30.

While trading options presents higher risks compared to direct stock purchases, it also offers greater profit opportunities. Experienced options traders often manage their risks through ongoing education, careful trade management, and monitoring multiple indicators and market trends.

For those interested in staying abreast of the latest options trades related to Enovix, real-time options trade alerts will prove invaluable.

Enovix, Options, Investors