Enovix Stock Jumps on Big Army Order

Options bulls are targeting ENVX after the news

Deputy Editor
Jun 27, 2023 at 10:44 AM
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Enovix Corp (NASDAQ:ENVX) is up 13% at $14.83 at last glance, one of the best stocks on the Nasdaq today and on track for its highest close since October. The electrical components company received a purchase order to produce battery cells for the U.S. Army, with cells used to power Comformal Wearable batteries, a soldier's central power source. 

Over the past month, the stock has found support at the $13 level, which coincides with its 320-day moving average, a trendline that once provided pressure in the months prior. Year-to-date, the equity is up 18%. 

Call traders are jumping on ENVX today, with 20,000 calls exchanged so far -- 3 times the amount typically seen at this point -- compared to 3,499 puts. The weekly 6/30 15-strike call is the most active contract, with new positions being bought to open there. 

A short squeeze could be in play. Short interest is up 9.1% in the most recent reporting period, and the 31.32 million shares sold short represents 24.5% of ENVX's total available float. At the stock's average pace of trading, it would take shorts a full trading week to buy back their bearish bets. 

 

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