NOVONIX (NASDAQ:NVX) Trading Up 1.8% – Still a Buy?

NOVONIX Limited Sponsored ADR (NASDAQ:NVX)’s stock price was up 1.8% during trading on Tuesday . The company traded as high as $1.14 and last traded at $1.12. Approximately 967,836 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 1,253,666 shares. The stock had previously closed at $1.10.

Wall Street Analyst Weigh In

Several analysts have weighed in on NVX shares. Wall Street Zen raised shares of NOVONIX to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of NOVONIX in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, NOVONIX currently has a consensus rating of “Sell”.

NOVONIX Price Performance

The company has a current ratio of 0.93, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock’s fifty day moving average is $1.53 and its 200 day moving average is $1.35.

Hedge Funds Weigh In On NOVONIX

Hedge funds have recently made changes to their positions in the business. 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 in the last quarter. Bank of America Corp DE lifted 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 purchasing an additional 56,200 shares during the period. Susquehanna International Group LLP purchased a new stake in shares of NOVONIX in the 3rd quarter worth about $65,000. Finally, Southeast Asset Advisors LLC bought a new stake in shares of NOVONIX during the 3rd quarter valued at about $35,000. 0.06% of the stock is owned by hedge funds and other institutional investors.

NOVONIX Company Profile

NOVONIX Limited provides battery materials and development technology for battery manufacturers, materials companies, automotive original equipment manufacturers (OEMs), and consumer electronics manufacturers in North America, Asia, Australia, and Europe. It operates through Battery Materials and Battery Technology segments.