Chair says Novonix share price ‘will respond appropriately over time’

The Novonix Ltd (ASX: NVX) share price is edging higher on Wednesday morning.

At the time of writing, the battery technology company’s shares are up 0.5% to $1.27.

Though, this isn’t going to make any difference to the longer term picture, which looks very ugly.

As you can see on the chart below, Novonix shares are down over 80% since this time last year.

Will the Novonix share price recover?

The company is holding its annual general meeting today and management has taken time to comment on the underperforming Novonix share price.

Novonix chair, Admiral Robert Natter, commented that he believes the performance of the company’s shares fails to reflect the huge progress being made over the period.

Admiral Natter said:

Clearly, the performance of stock has not reflected the considerable work that is being done with customers and in progressing our graphitization technology and related materials and process technologies. Our share price has gyrated along with the rest of the market and, in particular, the technology sector which has seen even greater volatility. As a battery technology emerging growth company, we have been part of that and felt it to a greater degree than many in our sector.

However, the Novonix chair appears confident that this will change in the future when the company executes on its strategy to deliver its long term goals. He adds:

As we have noted previously, as the Board and management team, we cannot control the share price. What we can control are the decisions we take to ensure we have a sound strategy, and that management is executing that strategy to deliver on our long-term goals. Chris and his team continue to educate the market as to the opportunity that stands before NOVONIX and their progress. Importantly, if we continue to deliver against our key operating milestones, the share price will respond appropriately over time.

Patience may be key here if you’re a believer in the Novonix story.

The post Chair says Novonix share price ‘will respond appropriately over time’ appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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