NOVONIX (NASDAQ:NVX) Stock Price Down 1.1%

NOVONIX Limited (NASDAQ:NVX) shares fell 1.1% during trading on Wednesday . The stock traded as low as $1.83 and last traded at $1.84. 23,743 shares were traded during trading, a decline of 68% from the average session volume of 73,787 shares. The stock had previously closed at $1.86.

Wall Street Analysts Forecast Growth

Separately, Chardan Capital assumed coverage on shares of NOVONIX in a research note on Thursday, May 30th. They issued a “buy” rating and a $4.00 price objective for the company.

NOVONIX Stock Performance

The business has a 50 day moving average price of $2.08 and a 200-day moving average price of $2.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 11.37 and a quick ratio of 11.12.

Institutional Investors Weigh In On NOVONIX

A hedge fund recently raised its stake in NOVONIX stock. Virtu Financial LLC raised its stake in NOVONIX Limited (NASDAQ:NVX) by 82.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,563 shares of the company’s stock after purchasing an additional 11,992 shares during the quarter. Virtu Financial LLC’s holdings in NOVONIX were worth $61,000 as of its most recent filing with the Securities & Exchange Commission. 0.06% of the stock is owned by institutional investors.

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.