NOVONIX Limited Sponsored ADR (NASDAQ:NVX) Sees Significant Decline in Short Interest

NOVONIX Limited Sponsored ADR (NASDAQ:NVX) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 403,821 shares, a decrease of 89.9% from the August 15th total of 4,015,976 shares. Based on an average trading volume of 39,452 shares, the short-interest ratio is presently 10.2 days. Approximately 2.1% of the shares of the stock are sold short.

Institutional Trading of NOVONIX

Hedge funds have recently modified their holdings of the business. XY Capital Ltd purchased a new position in shares of NOVONIX during the fourth quarter valued at $66,000. OLD Mission Capital LLC purchased a new stake in NOVONIX in the 4th quarter worth about $32,000. Virtu Financial LLC boosted its position in NOVONIX by 316.5% during the 4th quarter. Virtu Financial LLC now owns 76,137 shares of the company’s stock worth $77,000 after acquiring an additional 57,859 shares during the period. Bank of America Corp DE grew its stake in NOVONIX by 335.1% during the 3rd quarter. Bank of America Corp DE now owns 72,972 shares of the company’s stock valued at $93,000 after acquiring an additional 56,200 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in NOVONIX during the 4th quarter valued at about $97,000. Hedge funds and other institutional investors own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut NOVONIX from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

NOVONIX Stock Performance

Shares of NVX traded up $0.07 during midday trading on Friday, hitting $2.98. The stock had a trading volume of 14,692 shares, compared to its average volume of 35,800. The business has a 50-day simple moving average of $3.93 and a two-hundred day simple moving average of $5.90. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. NOVONIX has a fifty-two week low of $2.65 and a fifty-two week high of $38.60.

NOVONIX (NASDAQ:NVX) last released its quarterly earnings results on Friday, July 31st. The company reported ($0.06) earnings per share (EPS) for the quarter. Equities analysts expect that NOVONIX will post -2.7 earnings per share for the current fiscal year.

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.