Novonix share price tumbles 10% amid Tuesday’s carnage

The battery technology and materials stock has slumped 73% this year so far.

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Key points

  • The Novonix share price is suffering on Tuesday, falling 16% at its intraday low of $2.60 
  • It's the sixth consecutive session in which the company's stock has traded in the red 
  • The broader market is also struggling today. The ASX 200 is currently recording a 4.77% fall 

The Novonix Ltd (ASX: NVX) share price is struggling on Tuesday as the broader market endures a major sell-off event.

The battery technology and materials share is currently the S&P/ASX 200 Index (ASX: XJO)’s sixth worst performer.

At the time of writing, the Novonix share price is $2.80, 9.97% lower than its previous close.

For context, the ASX 200 is down 4.77% right now.

Let’s take a closer look at what’s going on with Novonix on Tuesday.

What’s going on with the Novonix share price?

Novonix shares are continuing their multi-session slide today, slumping another 10%. That leaves the company’s stock nearly 21% lower than it was this time last week.

For comparison, the company’s home sector – the S&P/ASX 200 Information Technology Index (ASX: XIJ) has slipped 10.5% in that time.

The ASX 200 tech sector is also today’s worst performer, having slumped 7.45% lower than its previous close.

Right now, Novonix is the sector’s second heaviest weight. It’s only outperforming the Block Inc (ASX: SQ2) share price, which is currently down 18.4% and trading at $89.45.

Interestingly, the market hasn’t heard price-sensitive news from Novonix since late last month. Then, the company announced the retirement of a key board member.

Today’s dip included, the Novonix share price is 77% lower than its 52-week high of $12.47, inked in December.

It’s also 73% lower than it was at the start of 2022 and 23% higher than it was this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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