NOVONIX Limited (NASDAQ:NVX) Short Interest Up 260.9% in May

NOVONIX Limited (NASDAQ:NVX) saw a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 79,400 shares, an increase of 260.9% from the May 15th total of 22,000 shares. Based on an average trading volume of 37,200 shares, the days-to-cover ratio is currently 2.1 days.

NOVONIX Stock Down 1.1 %

NVX traded down $0.02 during trading hours on Wednesday, hitting $1.80. The stock had a trading volume of 26,392 shares, compared to its average volume of 53,641. The company’s fifty day simple moving average is $2.30 and its 200 day simple moving average is $2.10. NOVONIX has a 1 year low of $1.40 and a 1 year high of $3.45. The company has a current ratio of 11.37, a quick ratio of 11.12 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On NOVONIX

An institutional investor recently raised its position in NOVONIX stock. Virtu Financial LLC increased its position in NOVONIX Limited (NASDAQ:NVX) by 82.3% in the 1st quarter, according to the company in its most recent 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.

Analysts Set New Price Targets

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

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.