10 Best Battery Stocks To Buy According To Analysts

2. Enovix Corp. (NASDAQ:ENVX)

Analysts Upside Potential as of March 10: 155.52%

Number of Hedge Fund Holders In Q4 2024: 21

Enovix Corp. (NASDAQ:ENVX) specializes in developing advanced silicon-anode lithium-ion batteries. This Silicon Valley-based firm uses proprietary 3D cell architecture to increase energy density while maintaining high cycle life. The technology positions the firm as a potential disruptor in the battery technology space.

In 2024, this company made the decision to develop battery cells tailored to the smart eyewear market. This turned out to be transformational as it helped Enovix Corp. (NASDAQ:ENVX) to post record revenues in the latest quarterly results (Q4 2024). Revenues for the quarter came in at $9.7 million, nearly reaching the high end of its guidance. Even more impressive, full-year 2024 revenues reached $23.1 million, representing a 202% increase from $7.6 million in 2023. The company also achieved its first-ever positive gross margin of 11% in the fourth quarter.

On the manufacturing front, the company has achieved a major milestone: its Malaysian facility (Fab2) has completed Site Acceptance Testing for the High-Volume Manufacturing line. This development is critical for scaling production capabilities to meet increasing demand. The company has also begun hosting numerous potential customers at the site for detailed line tours, with multiple OEMs initiating formal factory audits to support their qualification processes.

Enovix Corp. (NASDAQ:ENVX) shares are down 0.58% over the past five days (as of March 7, 2025), but the stock has returned 13.14% over the past six months. Besides, analysts believe the stock can grow by 155.52% from the current price, which puts the company in second place on our list of the 10 best battery stocks to buy.