NOVONIX (NASDAQ:NVX) Shares Climb 4% - Still a Buy?

Key Points

• NOVONIX shares rose 4% to $2.09 in Friday trading, despite volume falling 30% below the average daily level.
• Analyst sentiment remains negative: Weiss Ratings downgraded the stock to “sell (e+),” while the sole analyst covering NOVONIX rates it “Sell.”
• NOVONIX reported a quarterly loss of $0.06 per share, and analysts expect a full-year loss of $2.70 per share; institutional ownership remains very low at 0.06%.

Shares of NOVONIX Limited Sponsored ADR (NASDAQ:NVX - Get Free Report) shot up 4% during trading on Friday. The stock traded as high as $2.12 and last traded at $2.09. Approximately 14,622 shares traded hands during trading, a decline of 30% from the average daily volume of 20,844 shares. The stock had previously closed at $2.01.

Analyst Upgrades and Downgrades

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

NOVONIX Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day moving average price of $2.92 and a 200-day moving average price of $4.77.

NOVONIX (NASDAQ:NVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported ($0.06) earnings per share (EPS) for the quarter. Sell-side analysts expect that NOVONIX Limited Sponsored ADR will post -2.70 EPS for the current fiscal year.

Institutional Trading of NOVONIX

An institutional investor recently bought a new position in NOVONIX stock. SmartHarvest Portfolios LLC purchased a new position in NOVONIX Limited Sponsored ADR (NASDAQ:NVX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 144,801 shares of the company's stock, valued at approximately $100,000. SmartHarvest Portfolios LLC owned approximately 0.07% of NOVONIX at the end of the most recent quarter. 0.06% of the stock is currently owned by institutional investors.

About NOVONIX

NOVONIX Limited is a battery materials and technology company focused on supporting the development and production of lithium-ion batteries. The company's activities include the manufacture of synthetic graphite anode materials, battery-cell testing equipment, and related research and development services.

NOVONIX supplies battery testing systems and advanced testing services to battery manufacturers, automotive companies, research institutions, and other organizations involved in energy-storage development.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.