Enovix action has been incredibly interesting the past several weeks.  

The price action of ENVX seems far more volatile than your typical tech company, and the options data bares that out. The swings are wild. 

However, in my opinion, there's a big disconnect between what the current price should be, and where the stock is trading.

I believe this is again due to options and short interest, whereas the overall market is still unaware of what likely belies Enovix's future.

From recent press releases, Enovix looks like they are moving quickly in a positive manner in establishing themselves as the premier battery company.

Much of this, in my view, is derived from the most recent PR announcing that a top OEM has prepaid their purchase of batteries.

IMO, something like this only happens, to a company sitting on over $200M in cash, because the OEM is desperate to get their batteries to the front of the line.  They know demand is going to be large, and Enovix has considerable leverage in negotiations.

In the next 30 days, we are going to have another earnings release, in which case they are going to provide a lot more color on the most recent OEM deals.  While I'm unsure they will announce any specific names, I believe its very possible they announce another OEM deal at that time.

The reason i believe this could occur is directly related to the most recent OEM deal that was prepaid. Again, there's a reason that happened; the OEM wanted to be front of the line. There's only so much supply that can be created at this time, and they want it.

Which leads me to my next point: I believe Enovix is going to announce that they are going to build out more lines asap.  Now that they've announced the 3 OEM deals, other OEM's are going to have both the confidence in the battery tech, and the fear that they are going to be left behind in the battery race, and cannot afford to not have the batteries in their devices. 

 I believe the price action is going to move very strongly in the coming weeks/months. The average retail investor doesn't see it yet, but any moment now Enovix is going to be able to start dropping names, and the moment they do, and announce more OEM purchase orders, things could get silly quick.

Again, I don't believe the price anywhere reflects the future prospects here, and that's largely due to options and no big new stock buyers coming in; but I believe that will change shortly, and then $25-$35/share will happen quickly.  Again, just my opinion, but I wouldn't be shocked if we get there before Q3 results are released.

Time will tell, and do your own due diligence.