ENVX - Why Enovix Stock Zoomed Nearly 10% Higher Today
With a big government program advancing green technology in the works, now is a good time to be a next-generation battery maker particularly targeting the electric vehicle (EV) segment. Enovix (NASDAQ: ENVX) is one of the battery developers enjoying the ride, and on Wednesday its share price accelerated almost 10% higher thanks to a new and bullish analyst note.
That morning, Oppenheimer prognosticator Colin Rusch reiterated his very positive take on Enovix's prospects. He is standing by his outperform (read: buy) recommendation on the stock, at a price target of $39 per share. That represents a very healthy 64% premium to the stock's current price, even after Wednesday's rise.
Rusch's move follows two days of investor meetings with a pair of top Enovix executives, COO Cam Daley and vice president of investor relations Charles Anderson. Following those meetings, the analyst was satisfied that Enovix "is continuing to make meaningful progress across multiple initiatives."
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Why Enovix Stock Zoomed Nearly 10% Higher Today