It's been a rough ride for the Novonix Ltd (ASX: NVX) share price – it's tumbled 39% over the last 30 days. That's including today's 9% slide.
At the time of writing, the Novonix share price is $5.92. That's down from $9.74 this time last month.
Today's plunge also sees the company's stock taking out the crown for the worst performing share on the S&P/ASX 200 Info Tech Index (ASX: XIJ).
Not only that, but it's also bringing up the rear on the S&P/ASX 200 Index (ASX: XJO). The index is currently up 0.3%.
Let's take a look at the latest news from and of the battery technology giant.
Is there still upside for the Novonix share price?
The last 30 days have potentially seen the Novonix share price coming back to earth after surging 313% over the second half of 2021.
Since the start of 2022, it has tumbled 43% despite the company releasing a number of seemingly positive updates to the ASX.
First, it announced that the wheels had started turning on its Nasdaq listing. The Novonix share price surged 10% on the announcement. It rang the bell on the infamous tech-heavy exchange early this month.
Additionally, the company shook on a supply agreement and investment in battery cell developer KORE Power and released its report on a jam-packed December quarter.
However, the busy start to 2022 wasn't enough to get some brokers bullish on the Novonix share price's future.
As The Motley Fool Australia reported earlier this month, Morgans has lowered its price target for the stock, saying "once any potential momentum stalls … the price will be vulnerable to pull backs".
The broker's new price target for Novonix was $6.97.
While that represented an 11% downside at the time of publication – when the Novonix share price was $7.87 – it currently signifies a 17% upside.
Though, the broker left room to be surprised. It said it's wary of the stock's often dramatic movements but admitted it could push higher than expectations.
"The share price exceeds the value of our base case [discounted cash flow] valuation but it has had a tendency to push higher on positive news," Morgans said. "Should NVX secure a major customer like Samsung or Sanyo then the stock could push higher on positive sentiment."
