Novonix Ltd (ASX: NVX) shares are having a tough run in 2023 and are down 43% year to date.
That's well below the performance of the S&P/ASX All Ordinaries Index (ASX: XAO), which is up 1.6%.
But the directors of this battery technology and materials company are clearly keeping the faith.
According to various ASX lodgements, three directors have been buying up Novonix shares for their personal portfolios over the past fortnight.
Collectively, they have invested almost $700,000 of their own money in the ASX tech share.
Let's look into it.
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Novonix directors invest close to $700,000 in shares
Chair and non-executive director Robert Natter purchased 380,000 Novonix shares at an average price of 78 cents per share on-market on 15 September.
Non-executive director Andrew Liveris bought 360,000 shares at an average price of 82.02 cents on-market on 19 September.
Deputy chair and non-executive director Tony Bellas raised his indirect holdings by 116,959 shares on-market at an average price of 86.9951 apiece on 19 September.
What's the latest news from Novonix?
The latest price-sensitive announcement came on 15 September.
Novonix released an update on production at its Generation 3 Furnaces at its Riverside facility in Tennessee in the United States.
The company told investors the material produced met all specifications and equipment design throughput targets.
From here, it will continue production to collect more operational data and provide potential customers with mass-production material samples.
