It’s been a pleasing day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares so far on Wednesday. At the time of writing, the ASX 200 is up a decent 0.44% at just under 7,000 points. But sadly, the same can’t be said for the Novonix Ltd (ASX: NVX) share price.
After initially opening in the green this morning, Novonix shares have dipped into red territory. The battery technology company is presently trading at $2.36 a share, down a nasty 2.9% for the day so far.
So what’s given investors a bee in the proverbial bonnet over this company today?
Well, to put it scientifically, it’s a darn-tootin’ mystery.
There’s been no ASX announcements or news at all out of Novonix itself today. Or indeed since 5 August.
And other ASX shares that could be described as close to Novonix’s wheelhouse aren’t suffering a similar fate either. ASX battery metals and lithium shares like Pilbara Minerals Ltd (ASX: PLS), Allkem Ltd (ASX: AKE) and Core Lithium Ltd (ASX: CXO) are all having exceptional days.
So perhaps investors are reacting to Novonix’s lack of earnings clarity, seeing as we are in the midst of earnings season. Many ASX shares have already delivered their earnings. Most others are scheduled to deliver their reports in the next week or so.
But although Novonix’s fiscal year runs to 30 June, we haven’t yet heard from the company as to when investors might get a look at the books.
So the only thing we know about today’s share price movements for sure is how unwelcome they might be for investors today.
Novonix share price snapshot
Novonix shares have had an exceptionally rough year. After today’s falls, the battery tech company has now lost a painful 77.7% year to date. The company is now more than 75% off of its all-time high of $12.47 that we saw late last year.
At the current Novonix share price, this ASX share has a market capitalisation of $1.18 billion.
The post Why is the Novonix share price getting hammered on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- How close is ASX tech share Novonix to becoming profitable?
- Why did the Novonix share price nosedive 6% today?
- Is Novonix considered an ASX lithium share?
- Novonix share price tumbles 6% on Friday. Whatâs going on?
- Here are the top 10 ASX 200 shares today
Motley Fool contributor Sebastian Bowen 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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