5 Best Lithium Battery Stocks to Buy Now

4. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Enovix Corporation (NASDAQ:ENVX) is a leading innovator in the development of 3D silicon lithium-ion batteries. The company has developed a unique 3D cell architecture that enables lithium-ion batteries to be smaller, lighter, and more energy-dense than any other battery technology on the market today. Enovix Corporation (NASDAQ:ENVX) is ranked among the best lithium battery stocks to buy now.

This November, Cowen analyst Gabe Daoud revised his price target on Enovix Corporation (NASDAQ:ENVX) to $25 from $36 and reiterated an Outperform rating on the shares. On November 4, Janney Montgomery Scott analyst Sean Milligan took coverage of Enovix Corporation (NASDAQ:ENVX) with a Buy rating and a $23 price target.

At the close of Q3 2022, 30 hedge funds were long Enovix Corporation (NASDAQ:ENVX) and held stakes worth $486.6 million in the company. This is compared to 23 positions in the previous quarter with stakes worth $273 million. The hedge fund sentiment for the stock is positive. As of September 30, Park West Asset Management is the largest investor in Enovix Corporation (NASDAQ:ENVX) and has a stake worth $166.7 million in the company.

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