NOVONIX (NASDAQ:NVX) Shares Up 4.5% – Here’s What Happened

NOVONIX Limited Sponsored ADR (NASDAQ:NVX) shares were up 4.5% during mid-day trading on Monday . The stock traded as high as $1.24 and last traded at $1.17. Approximately 2,315,524 shares changed hands during trading, a decline of 34% from the average daily volume of 3,514,800 shares. The stock had previously closed at $1.12.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of NOVONIX in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of NOVONIX to a “hold” rating in a research report on Friday, September 26th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

NOVONIX Stock Up 0.9%

The company’s 50 day simple moving average is $1.58 and its 200-day simple moving average is $1.37. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.93 and a quick ratio of 0.90.

Institutional Trading of NOVONIX

A number of large investors have recently made changes to their positions in NVX. Southeast Asset Advisors LLC purchased a new position in shares of NOVONIX during the third quarter valued at $35,000. Susquehanna International Group LLP purchased a new position in NOVONIX during the 3rd quarter valued at about $65,000. Bank of America Corp DE raised its holdings in shares of NOVONIX by 335.1% in the 3rd 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. Finally, Citadel Advisors LLC lifted its position in shares of NOVONIX by 964.1% in the 3rd quarter. Citadel Advisors LLC now owns 109,374 shares of the company’s stock worth $140,000 after purchasing an additional 99,095 shares during the period. 0.06% of the stock is owned by hedge funds and other 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.