The Novonix Ltd (ASX: NVX) share price is down 6.4% today and currently trading at $4.68.
There’s been no news today from the ASX lithium-ion battery developer and graphite miner. However, fellow ASX lithium and tech shares are also struggling in afternoon trading.
In the lithium camp, the Lake Resources NL (ASX: LKE) share price has dipped 7.65% to $1.64. The Liontown Resources Limited (ASX: LTR) share price is down 6.14% to $1.38, while shares in Pilbara Minerals Ltd (ASX: PLS) are shedding 5.48% to $2.68. The Core Lithium Ltd (ASX: CXO) share price has lost 4.98% to $1.24.
The market, in general, is down after a sell-off overnight on US markets. The NASDAQ fell by 5% to its lowest level since November 2020. Of course, the ASX is following the US lead, as it usually does. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 4.08% and the S&P/ASX All Ordinaries Index (ASX: XAO) is down 2.36%.
What’s been happening at Novonix lately?
Last week, Novonix reported its quarterly activities and cash flow for the March 2022 quarter. The company reported “continued strong revenue growth” with customer receipts of $2.11 million due to new accounts and the expansion of existing accounts. At the end of the quarter, Novonix had a cash and cash equivalents balance of $211.8 million.
The Novonix share price rallied on the news and went up 2.15% on the day of the report’s release.
Novonix operates in one of the hottest investment sectors of the moment — lithium. It’s a mineral needed for a bunch of popular everyday items, such as iPhones, laptops, medications, and medical devices.
There is also huge global demand for it in the electric vehicle space as many countries prioritise dealing with climate change and reducing their greenhouse gas emissions.
Novonix share price snapshot
Novonix shares have really taken off over the past two years. In May 2020, the Novonix share price was 23 cents. Since then, it has ascended — wait for it — more than 5,000%. It reached an all-time high of $12.47 in December 2021.
Today, Novonix has a market capitalisation of $2.26 billion with about 486 million shares on issue. The company began trading on the NASDAQ, in addition to the ASX, on 1 February.