Ripping out of the gate this morning, shares of Enovix (NASDAQ: ENVX) skyrocketed as high as 21.9%. In addition to the company's encouraging second-quarter 2023 financial results, some favorable analyst coverage is convincing investors to power their portfolios with this battery stock.

As of 12:05 p.m. ET, shares of Enovix are up 3.7%.

Enovix produced 22,502 units in Q2, beating its production target of 18,000, and it forecasts continued growth in the third quarter of 36,000 units as it makes additional improvements to operations at its Fab 1 facility. The achievement is an important step as the company progresses toward wide-scale production of its advanced silicon batteries.

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Source Fool.com