Enovix (NASDAQ:ENVX) stock closed over 25% higher on June 27. The spike in ENVX stock followed a purchase order from the U.S. Army. Shares of this next-gen 3D silicon battery manufacturer have gained about 58% over the past year. Despite the appreciation in price, top Wall Street analysts covering ENVX stock maintain a bullish outlook. At the same time, their average price target indicates significant upside potential from current levels.
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Series of Positive Developments Could Support ENVX Stock
The latest purchase order is a positive step for Enovix as the company moves its U.S. Army program closer to full-volume production. The company is setting up the infrastructure for high-volume manufacturing and scaling its production. The company expects to produce 180,000 cells in 2023 from its Fab-1 facility. Further, the company recently announced that it has already achieved its Q2 production forecast of 18,000 units.
Further, on the commercialization front, Enovix is progressing well with continued design wins. While the company is ready to scale, the broad applications of its battery technology continue to expand its TAM (total addressable market), offering significant growth opportunities ahead.
ENVX’s battery technology has wide applications in consumer electronics, including wearables, mobile phones, and computing. Moreover, opportunities in new categories, including augmented reality, medical devices, and the lucrative EV (Electric Vehicle) market, augur well for growth.
Is Enovix a Buy or Sell?
Given the series of positive developments, two of the top Wall Street analysts reiterated their Buy recommendation on Enovix stock in June. Our data shows that Anthony Stoss of Craig-Hallum and George Gianarikas of Canaccord Genuity maintain a bullish outlook on the stock.
Overall, ENVX stock has received seven unanimous Buy recommendations from top Wall Street analysts. Meanwhile, these analysts’ average price target of $45.67 implies 177.97% upside potential.
