Short Interest in NOVONIX Limited Sponsored ADR (NASDAQ:NVX) Decreases By 89.9%

NOVONIX Limited Sponsored ADR (NASDAQ:NVX) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 403,821 shares, a drop of 89.9% from the August 15th total of 4,015,976 shares. Based on an average daily volume of 39,452 shares, the days-to-cover ratio is currently 10.2 days. Approximately 2.1% of the company’s shares are short sold.

Institutional Trading of NOVONIX

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its position in shares of NOVONIX by 335.1% in the 3rd quarter. Bank of America Corp DE now owns 72,972 shares of the company’s stock worth $93,000 after buying an additional 56,200 shares during the period. Citadel Advisors LLC boosted its holdings in NOVONIX by 964.1% in the third quarter. Citadel Advisors LLC now owns 109,374 shares of the company’s stock valued at $140,000 after acquiring an additional 99,095 shares during the last quarter. Susquehanna International Group LLP purchased a new stake in NOVONIX during the third quarter valued at about $65,000. XY Capital Ltd purchased a new stake in NOVONIX during the fourth quarter valued at about $66,000. Finally, Jane Street Group LLC acquired a new stake in NOVONIX during the fourth quarter worth about $1,063,000. 0.06% of the stock is currently owned by institutional investors and hedge funds.

NOVONIX Trading Up 6.2%

Shares of NVX traded up $0.17 during mid-day trading on Thursday, hitting $2.91. The company had a trading volume of 62,386 shares, compared to its average volume of 33,219. NOVONIX has a 1-year low of $2.65 and a 1-year high of $38.60. The business’s 50-day simple moving average is $3.96 and its 200-day simple moving average is $5.92. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97.

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

Analysts Set New Price Targets

Separately, Weiss Ratings lowered NOVONIX from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

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.