NOVONIX Limited (NASDAQ:NVX) Sees Significant Drop in Short Interest

NOVONIX Limited (NASDAQ:NVX) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 10,300 shares, a decrease of 48.5% from the August 15th total of 20,000 shares. Based on an average trading volume of 73,900 shares, the short-interest ratio is currently 0.1 days.

NOVONIX Stock Performance

NASDAQ NVX opened at $1.56 on Friday. NOVONIX has a twelve month low of $1.40 and a twelve month high of $3.10. The company has a current ratio of 6.15, a quick ratio of 5.94 and a debt-to-equity ratio of 0.44. The firm has a 50-day simple moving average of $1.67 and a 200 day simple moving average of $2.06.

Institutional Trading of NOVONIX

A hedge fund recently raised its stake in NOVONIX stock. Virtu Financial LLC raised its holdings in NOVONIX Limited (NASDAQ:NVX) by 82.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,563 shares of the company’s stock after acquiring an additional 11,992 shares during the quarter. Virtu Financial LLC’s holdings in NOVONIX were worth $61,000 as of its most recent SEC filing. Institutional investors and hedge funds own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Chardan Capital started coverage on NOVONIX in a research note on Thursday, May 30th. They issued a “buy” rating and a $4.00 target price on the stock.

About NOVONIX

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.