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

NOVONIX Limited (NASDAQ:NVX) was the recipient of a significant increase in short interest during the month of 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 trading volume of 74,000 shares, the days-to-cover ratio is currently 4.4 days.

Hedge Funds Weigh In On NOVONIX

A hedge fund recently raised its stake in NOVONIX stock. Virtu Financial LLC lifted its position in shares of NOVONIX Limited (NASDAQ:NVX) by 82.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period. 0.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

NOVONIX Stock Performance

NVX stock traded down $0.01 during midday trading 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 company has a debt-to-equity ratio of 0.37, a current ratio of 11.37 and a quick ratio of 11.12. The business’s 50-day simple moving average is $2.02 and its 200-day simple moving average is $2.09.

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.