The stock prices of Enovix (NASDAQ: ENVX) should excite investors about its prospects, as its stock prices have seen massive lows and have great potential to grow.
Background of Enovix
Enovix is a company on the NASDAQ stock exchange with its headquarters in California, United States. Enovix develops and manufactures advanced lithium-ion batteries; lithium-ion batteries are rechargeable batteries that manufacturers use in many different devices, such as smartphones, laptops, and electric vehicles.
The company aims to create smaller, lighter, and more energy-efficient batteries than current technologies.
ENVX Stock
According to their Executive Chairman, Thurman John Rodgers, the company has made a breakthrough in lithium technology. It will announce it at its presentation on 3 January, giving investors more reasons to keep track of the company’s stock index.
ENVX stock declined in value by over 54% in 2022; however, this could be a good opportunity for people to buy shares of ENVX. This opportunity is because the company is developing advanced battery technology that surpasses other manufacturers and has different uses, including in consumer electronics and electric vehicles.
In addition, if the company makes any new crucial announcements or presentations at an upcoming event in Jan 2023, it could cause the stock price to increase.
ENVX is exploring opportunities in various industries, including medical devices and augmented reality, and is also looking to partner with original equipment manufacturers in the electric vehicle (EV) space.
As a result, the company’s total addressable market (TAM) is growing, and it has recently appointed a new President and CEO, Dr. Raj Talluri. Dr. Raj Talluri’s recent appointment as the President and CEO of ENVX makes analyst, Colin Rusch from Oppenheimer, see this as a positive outlook on ENVX’s prospects.
It is not uncommon for the appointment of a new CEO to be seen as a positive development for a company, as it can signal a change in leadership and direction. However, it is worth noting that the opinions of individual analysts should not be definitive statements about a company’s future.
ENVX Prospects
ENVX’s stock has received positive attention from analysts, with six unanimous “Buy” recommendations. In addition, it has a strong consensus rating of “Strong Buy” on TipRanks, a website that tracks and ranks the performance of financial analysts.
The average price target for ENVX from these analysts is $23.30, a potential upside of 87.3% from its current price. In addition to analyst attention, ENVX’s stock has also received positive attention from hedge fund managers, who bought 251.3K shares of the asset last quarter.
On TipRanks, ENVX has a Smart Score of eight in the “Outperform” category, which is a rating that uses a combination of its potential for out-performance and various risk and valuation metrics.