5 Cheap Lithium Stocks To Buy According To Analysts

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1. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 24

Upside Potential: 90.88%

Average Analyst Price Target: $41

In total, 24 hedge funds held stakes in Enovix Corporation (NASDAQ:ENVX) in the first quarter, with a total stake value of $225.6 million.

Enovix Corporation (NASDAQ:ENVX) is a designer and developer of lithium-ion batteries. It is based in Fremont, California.

EF Hutton analyst Chip Moore assumed a Buy rating on Enovix Corporation (NASDAQ:ENVX) shares on July 5, alongside a $21 price target.

Here’s what Long Cast Advisers, LLC said about Enovix Corporation (NASDAQ:ENVX) in its fourth-quarter 2022 investor letter:

Enovix Corporation (NASDAQ:ENVX) is what I’ll endearingly call a “shitco” meaning it’s pre-revenue / pre-profit but with a massive addressable market, so if it succeeds, the potential reward offsets the risks. I think there’s room in the portfolio for a few smaller investments like this, but if I am consistently wrong over time, I’ll change course (SNES and SANW also fall into this category, and so far I’ve been wrong about those, but like ENVX, they are small positions with long time horizons).

ENVX makes lithium batteries using silicon instead of graphene as the anode. Silicon as an anode offers many benefits – faster charging, longer charge periods and longer battery life – but it has a major drawback in that it swells when it charges, and this causes battery degradation and mechanical failure…” (Click here to read the full text)

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See also 12 Best Lithium and Battery Stocks to Buy and 10 Most Profitable Lithium Stocks Now.

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