Options Bulls Blast Soaring Enovix Stock

The silicon battery stock has been climbing on the charts the past several weeks

Laura McCandless

Deputy Editor

Mar 29, 2023 at 2:29 PM

ENVX

Options bulls are targeting silicon battery name Enovix Corp (NASDAQ:ENVX) today, amid the stock's soaring price action. So far, 45,000 calls and 8,791 puts have been exchanged, which is already four times the average daily volume. The April 15 call is the most popular, followed by the July 5 call.

ENVX is up 18.6% at $13.33 at last glance, after the company signed a non-binding letter of intent with Malaysia-based Ybs International Berhad (YBS). The stock is up 6.7% year-to-date now, though its 200-day moving average is applying pressure to today's pop.

ENVX Mar29

A short squeeze could keep the wind at the stock's back. Short interest represents 17.1% of the stock's available float and it would take over four days to buy back these bearish bets, at ENVX's average pace of trading.

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