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

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

Analysts Set New Price Targets

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

NOVONIX Stock Performance

The business has a 50 day simple moving average of $1.53 and a two-hundred day simple moving average of $1.35. The company has a quick ratio of 0.90, a current ratio of 0.93 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On NOVONIX

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC raised its position in shares of NOVONIX by 964.1% during the 3rd quarter. Citadel Advisors LLC now owns 109,374 shares of the company’s stock valued at $140,000 after buying an additional 99,095 shares in the last quarter. Bank of America Corp DE raised its position in NOVONIX by 335.1% during the third quarter. Bank of America Corp DE now owns 72,972 shares of the company’s stock valued at $93,000 after purchasing an additional 56,200 shares in the last quarter. Susquehanna International Group LLP bought a new stake in NOVONIX during the third quarter worth about $65,000. Finally, Southeast Asset Advisors LLC bought a new position in shares of NOVONIX during the 3rd quarter valued at about $35,000. Hedge funds and other institutional investors own 0.06% of the company’s stock.

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.