5 Most Promising Small-Cap Industrial Stocks Under $30

2. Enovix Corp. (NASDAQ:ENVX)

Enovix Corp. (NASDAQ:ENVX) is one of the 12 most promising small-cap industrial stocks under $30.

On February 26, Craig-Hallum reduced the firm’s price target on Enovix Corp. (NASDAQ:ENVX) from $16 to $10. The firm maintained its Buy rating on the stock, which still offers an upside potential of almost 106% even after the downward adjustment.

The firm remains constructive on the company’s next-generation battery technology but flagged concerns around production timelines, noting laser dicing issues are impacting yields. As a result, it has lowered forward estimates while awaiting customer acceptance following testing.

On February 26, Canaccord Genuity also reduced its price target on Enovix Corporation (NASDAQ:ENVX) from $21 to $15. The firm reiterated its Buy rating on the stock, which now yields a revised upside of more than 208% at the prevailing level.

The firm reaffirmed its belief that Enovix Corporation (NASDAQ:ENVX) is one of the few companies in the industry with the fundamental technology needed to bring about a true paradigm change in battery science.

Enovix Corp. (NASDAQ:ENVX) designs and manufactures lithium-ion battery cells that have applications across mobiles, IoT, electric vehicles, and computing devices. These batteries are highly efficient, with supreme thermal performance and an architecture that enables a 100% active-silicon anode for high energy density.