Momentum will move ENVX back to its ATH before Christmas
The recent spike in ENVX stock followed a purchase order from the U.S. Army.
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.
According to TipRanks, 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.
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.
According to TipRanks, 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.
