NOVONIX (NASDAQ:NVX) Stock Price Down 1.8% – Here’s What Happened

NOVONIX Limited Sponsored ADR (NASDAQ:NVX) dropped 1.8% during trading on Tuesday . The stock traded as low as $0.7951 and last traded at $0.8046. Approximately 224,475 shares changed hands during trading, a decline of 28% from the average daily volume of 313,639 shares. The stock had previously closed at $0.8194.

Analysts Set New Price Targets

NVX has been the subject of several recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of NOVONIX in a report on Tuesday. Wall Street Zen downgraded NOVONIX from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

NOVONIX Stock Down 6.2%

The company has a fifty day moving average of $0.79 and a 200-day moving average of $1.14. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

NOVONIX (NASDAQ:NVX) last announced its quarterly earnings results on Thursday, January 29th. The company reported ($0.22) earnings per share (EPS) for the quarter. The company had revenue of $1.40 million during the quarter.

Institutional Investors Weigh In On NOVONIX

Several institutional investors have recently bought and sold shares of NVX. Southeast Asset Advisors LLC bought a new stake in NOVONIX during the third quarter worth $35,000. Bank of America Corp DE boosted its position in NOVONIX by 335.1% in the third quarter. Bank of America Corp DE now owns 72,972 shares of the company’s stock worth $93,000 after purchasing an additional 56,200 shares during the last quarter. Citadel Advisors LLC boosted its position in NOVONIX by 964.1% in the third quarter. Citadel Advisors LLC now owns 109,374 shares of the company’s stock worth $140,000 after purchasing an additional 99,095 shares during the last quarter. Susquehanna International Group LLP purchased a new position in NOVONIX in the third quarter worth $65,000. Finally, GK Wealth Management LLC purchased a new position in NOVONIX in the fourth quarter worth $26,000. Institutional investors own 0.06% of the company’s stock.

NOVONIX Company Profile

NOVONIX, trading under the NASDAQ ticker NVX, is a technology-driven company specializing in the development and production of advanced materials and testing solutions for the lithium-ion battery industry. The company’s primary focus lies in supplying high-purity synthetic graphite anode materials and delivering comprehensive battery testing services to original equipment manufacturers (OEMs), research institutions, and battery producers worldwide. NOVONIX operates through two core divisions: NOVONIX Materials & Technology, which produces battery-grade graphite, and NOVONIX Battery Testing Solutions, which offers hardware and software platforms designed to accelerate battery research and development.

The Materials & Technology business segment manufactures spherical synthetic graphite anode products that meet rigorous industry standards for performance, consistency, and scalability.