5 Cheap Lithium Stocks To Buy According To Analysts

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1. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Upside Potential as of January 27: 162.78%

Average Price Target Based on Analyst Ratings: $21.39

Enovix Corporation (NASDAQ:ENVX) was founded in 2007 and is headquartered in Fremont, California. The company designs, develops, and manufactures silicon-anode lithium-ion batteries. Enovix Corporation (NASDAQ:ENVX) is one of the best battery stocks to monitor. 

On January 26, JPMorgan analyst Bill Peterson maintained an Overweight rating on Enovix Corporation (NASDAQ:ENVX) but lowered the firm’s price target on the shares to $16 from $28. The analyst believes that institutional investor sentiment in the transportation and fuel transformation industry is currently negative or muted. Due to macro volatility and concerns of a recession, investor expectations may remain low in the short term. However, he predicts that if interest rates stabilize, there could be a recovery in the latter half of the year. 

According to Insider Monkey’s data, Enovix Corporation (NASDAQ:ENVX) was part of 30 hedge fund portfolios at the end of the third quarter of 2022, compared to 23 funds in the last quarter. Peter S. Park’s Park West Asset Management is the largest stakeholder of the company, with more than 9 million shares worth $166.7 million.

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