Enovix Corp. ENVX shares are trading higher on Friday after the company announced it achieved its quarterly milestone of producing 18,000 cells ahead of schedule.
The Details:
After market close on Thursday, Enovix announced that the company had already met its second-quarter manufacturing goal of 18,000 units out of its Fab1 location. The company also stated that it now expects to exceed its previous outlook for the second quarter.
Ajay Marathe, COO at Enovix, said, "Our value proposition — performance, safety and quality, is unmatched and we are poised to disrupt the industry. With our silicon mindset and commitment to operational excellence, I'm confident we will be the leader in advanced next-generation batteries that power the technologies of the future."
On Friday, Canaccord Genuity analyst George Gianarikas reiterated ENVX with a Buy rating and maintained a $20 price target per share.
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ENVX Price Action: According to Benzinga Pro, Enovix shares are trading 4.11% higher at $14.19 at the time of publication.
Image: David Mark from Pixabay
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