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Enovix Corp. (NASDAQ: ENVX) achieves Q2 production forecast ahead of schedule; analysts retain Buy rating
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Enovix Corp (NASDAQ: ENVX), a producer of silicon-anode lithium-ion batteries, recently announced the completion of its Q2 2023 forecast of 18,000 units produced in its Fab1 site in Freemont. The target was achieved with over two weeks left in the quarter. Thus, the company expects its quarterly results to exceed its guidance.
Enovix released this announcement on June 15, 2023, following which, analysts reviewed their rating on ENVX. Most analysts maintained their ratings on ENVX and their price target on the stock also remained the same.
The mean recommendation rating on ENVX is 1.8 on a scale of one to five. The stock is a ‘Strong Buy’ as per three analysts, while nine analysts believe it is a ‘Buy’. The consensus mean price target on the stock is US$ 29.36, which is 94.18% higher than its closing price on Friday, June 16, 2023.
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