NOVONIX Limited (NASDAQ:NVX) Short Interest Up 311.8% in June

NOVONIX Limited (NASDAQ:NVX) saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 323,700 shares, an increase of 311.8% from the June 15th total of 78,600 shares. Based on an average daily volume of 74,000 shares, the days-to-cover ratio is currently 4.4 days.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On NOVONIX

An institutional investor recently raised its position in NOVONIX stock. Virtu Financial LLC boosted its position in NOVONIX Limited (NASDAQ:NVX) by 82.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,563 shares of the company’s stock after purchasing an additional 11,992 shares during the period. Virtu Financial LLC’s holdings in NOVONIX were worth $61,000 as of its most recent SEC filing. 0.06% of the stock is owned by institutional investors and hedge funds.

NOVONIX Stock Performance

NVX stock traded down $0.01 on Thursday, reaching $1.82. The company’s stock had a trading volume of 25,003 shares, compared to its average volume of 71,780. NOVONIX has a 52 week low of $1.40 and a 52 week high of $3.10. The firm has a fifty day moving average of $2.02 and a two-hundred day moving average of $2.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 11.12 and a current ratio of 11.37.

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.