NOVONIX (NASDAQ:NVX) Shares Down 5% – Here’s Why
by Tristan Rich · The Markets DailyNOVONIX Limited Sponsored ADR (NASDAQ:NVX – Get Free Report) shares fell 5% during mid-day trading on Thursday. The stock traded as low as $2.37 and last traded at $2.49. 96,289 shares traded hands during mid-day trading, an increase of 247% from the average daily volume of 27,763 shares. The stock had previously closed at $2.62.
Analysts Set New Price Targets
Separately, Weiss Ratings downgraded NOVONIX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has a consensus rating of “Sell”.
Get Our Latest Stock Analysis on NOVONIX
NOVONIX Stock Up 5.6%
The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50-day moving average is $3.46 and its two-hundred day moving average is $5.27.
NOVONIX (NASDAQ:NVX – Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported ($0.06) earnings per share for the quarter. On average, research analysts anticipate that NOVONIX Limited Sponsored ADR will post -2.7 earnings per share for the current year.
Hedge Funds Weigh In On NOVONIX
A hedge fund recently bought a new position in NOVONIX stock. SmartHarvest Portfolios LLC purchased a new stake in NOVONIX Limited Sponsored ADR (NASDAQ:NVX – Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 144,801 shares of the company’s stock, valued at approximately $100,000. SmartHarvest Portfolios LLC owned about 0.07% of NOVONIX at the end of the most recent reporting period. 0.06% of the stock is owned by institutional investors and hedge funds.
About NOVONIX
NOVONIX Limited (NASDAQ: NVX) is a battery materials and technology company focused on supporting the development and manufacturing of lithium-ion batteries. The company operates through two primary business areas: battery materials and battery technology solutions.
NOVONIX develops and produces synthetic graphite, a key material used in lithium-ion battery anodes. Its anode materials activities are centered in the United States, including operations in Tennessee, where the company has pursued domestic production capacity for battery-grade synthetic graphite.
Through its Battery Technology Solutions business, NOVONIX provides high-precision battery cell testing equipment, laboratory systems and related services.