5 Most Promising EV Stocks According to Analysts

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1. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Average Upside Potential as of February 14: 144.26%

Enovix Corporation (NASDAQ:ENVX) is an innovative lithium-ion battery manufacturer. The company’s next-gen silicon-anode lithium-ion batteries offer faster charging times and higher energy densities. At the close of the third quarter of 2022, 30 hedge funds were long Enovix Corporation (NASDAQ:ENVX) and held collective stakes worth $486.6 million in the company.

On January 23, Piper Sandler analyst Alexander Potter updated his price target on Enovix Corporation (NASDAQ:ENVX) to $22.50 from $26.50 and reiterated an Overweight rating on the shares.

Over the past 3 months, Enovix Corporation (NASDAQ:ENVX) has received 8 Buy ratings from Wall Street analysts. The stock has a consensus Strong Buy rating and an average price target of $20.64. The stock is one of analysts’ top EV stock picks with the most promising upside potential. The stock’s average price target represents an upside of 144.26% from its closing price on February 14.

As of December 31, Park West Asset Management is the largest investor in Enovix Corporation (NASDAQ:ENVX) and has a position worth $107.55 million in the company.

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