ENVX is making big moves today. Find out why the stock is trading 10% higher:

 Enovix Corporation (ENVX) is trading 10% higher at $20.98 today. While it's generally been a somewhat somber day for this part of the market, the company is strongly outrunning it's peers in the Industrials sector.

The share price likely moving for a few reasons:

- Enovix's stock rose by 57.88% on Aug. 11, after the company released its Q2 results, which beat analysts estimates.
- The stock also rallied a day prior to that, after Loop Capital started coverage of Enovix with a Buy rating, noting that the company could grow to be an $80B lithium battery beast.
- Enovix also got a contract to build and test custom cells for U.S. Army soldiers' central power on this day.

Enovix Corporation has been trading between a 52-week high of $39.48 and a 52-week low of $7.26. The stock has a market cap of $3.3 Billion.

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company's proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production.

As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

DukeKaboom - 1 upvotes - source
$ENVX - just getting started in the 3D battery space. Announced a US military contract 2 weeks ago. Their batteries are going to be in EVERYTHING in 3 years. Could easily be a $5B company this week.