5 Best Lithium And Battery Stocks To Buy Now

3. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 28

Enovix Corporation (NASDAQ:ENVX) is an innovative American battery manufacturing company. The company is involved in the design and development of silicon-anode lithium-ion batteries. This March, the company announced that its board of directors has approved the design of Gen2 Autoline, the company’s next-gen manufacturing line. According to Enovix Corporation (NASDAQ:ENVX), the Gen2 Autoline is expected to grow its battery manufacturing capacity by more than 10 times relative to the company’s Gen1 line.

On February 23, Piper Sandler analyst Alexander Potter raised his price target on Enovix Corporation (NASDAQ:ENVX) to $25 from $22.50 and maintained an Overweight rating on the shares.

At the close of Q4 2022, 28 hedge funds were eager on Enovix Corporation (NASDAQ:ENVX) and held positions worth $331.9 million in the company. The stock is the third best lithium and battery stock to buy now according to hedge funds.

As of December 31, Park West Asset Management is the leading shareholder in Enovix Corporation (NASDAQ:ENVX) and has disclosed a position worth $107.5 million in the company.

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