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

Key Points

• NOVONIX short interest plunged 89.9% to 403,821 shares as of August 31, down from 4.02 million shares two weeks earlier. Short interest represents approximately 2.1% of outstanding shares, with a 10.2-day short-interest ratio.
• Several institutional investors recently initiated or expanded NVX positions, including Jane Street, XTX Topco, SmartHarvest Portfolios, Citadel Advisors, and Quadrature Capital. However, institutional and hedge-fund ownership remains very low at 0.06%.
• NVX traded at $2.91, near its one-year low of $2.65 and well below its 52-week high of $38.60. The stock carries a consensus “Sell” rating, and Weiss Ratings recently downgraded it to “sell (e+).”

NOVONIX Limited Sponsored ADR (NASDAQ:NVX - Get Free Report) was the target of a large decline in short interest in August. As of August 31st, there was short interest totaling 403,821 shares, a decline of 89.9% from the August 15th total of 4,015,976 shares. Based on an average daily 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

A number of large investors have recently made changes to their positions in NVX. Jane Street Group LLC purchased a new stake in shares of NOVONIX during the fourth quarter worth about $1,063,000. XTX Topco Ltd lifted its stake in shares of NOVONIX by 388.0% during the fourth quarter. XTX Topco Ltd now owns 270,796 shares of the company's stock valued at $274,000 after buying an additional 215,305 shares during the period. SmartHarvest Portfolios LLC purchased a new position in shares of NOVONIX during the first quarter valued at approximately $100,000. Citadel Advisors LLC boosted its position in NOVONIX by 964.1% during the third quarter. Citadel Advisors LLC now owns 109,374 shares of the company's stock worth $140,000 after acquiring an additional 99,095 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in NOVONIX during the fourth quarter worth approximately $97,000. Institutional investors and hedge funds own 0.06% of the company's stock.

NOVONIX Price Performance

NVX stock traded up $0.17 on Thursday, reaching $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 company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97. The company's fifty day moving average is $3.96 and its 200 day moving average is $5.92.

NOVONIX (NASDAQ:NVX - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported ($0.06) EPS for the quarter. As a group, equities analysts forecast that NOVONIX will post -2.7 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of NOVONIX from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has a consensus rating of "Sell".

About NOVONIX

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.

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