Why is the Novonix share price having such a lousy start to the week?

The Novonix Ltd (ASX: NVX) share price is down in morning trade on Monday despite no news having been released by the company.

Right now, stock in the battery materials and technology supplier is swapping hands for $3.05 apiece after slumping as low as $2.92 in early trade.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red today, falling 0.28%, while the S&P/ASX 200 Information Technology Index (ASX: XIJ) has slipped 0.36%.

So, what’s going wrong for the Novonix share price today? Let’s take a look.

What’s weighing on the Novonix share price?

Despite the company’s silence, the Novonix share price is handing back some of its recent gains on Monday.

The stock surged a whopping 13.65% on Friday to mark its highest closing price in eight weeks at $3.08. Like today, there was no news at the time to explain its rise.

However, Novonix’s exceptional day in the green on Friday might explain the losses it’s posting today. It could be a simple case of profit-taking.

And while the stock appeared to overcome a near-two-month lull last week, it’s still a long way from its recent peaks.

The Novonix share price reached an all-time high of $12.47 in December 2021. It’s currently trading 76% lower than it was back then.

But additional respite (or further falls) could come soon enough.

The market expects to hear from the ASX 200 tech stock later this month when it releases its annual report. That’s set to drop on 25 August.

The post Why is the Novonix share price having such a lousy start to the week? appeared first on The Motley Fool Australia.

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More reading

• These 3 ASX tech shares had a cracking day on the ASX today
• Here are the top 10 ASX 200 shares today
• Why is the Novonix share price leaping 12% on Friday?
• Here are the top 10 ASX 200 shares today
• Why did the Novonix share price notch up a 24% gain in July?

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 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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