BUZZ-Enovix shares rise on preliminary revenue growth in the third quarter

October 12 - ** Battery manufacturer Enovix Corp (ENVX.O) shares rose 5.4% in pre-market trading to $2.6

** Announced preliminary third-quarter (link) revenue of $11 million, up 38% from $8 million a year earlier

** The company stated that demand for batteries outside of China was strong, particularly in the drone and defense sectors, which not only boosted revenue but also supported the expansion of defense capacity at its acquired Korean plant

** ENVX expects its drone, defense, and industrial business pipeline to continue growing through 2027

** Out of 12 brokers, 8 rated the stock as "Buy" or higher, 3 rated it as "Hold," and 1 rated it as "Sell"; the median target price is $10, according to data compiled by LSEG

** As of the close of the previous trading day, the stock had dropped 66.4% year-to-date

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