Why is the Novonix share price slumping 6% on Thursday?

The Novonix Ltd (ASX: NVX) share price is plummeting today despite no word having been released by the tech giant.

It comes just one day after the battery technology and materials company posted its annual report, driving the stock nearly 4% higher on Wednesday.

Sadly, it’s handing back that gain – and then some – today. The Novonix share price is $2.275 at the time of writing, 5.99% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 1.8% right now, while the S&P/ASX 200 Information Technology Index (ASX: XIJ) is outperforming, falling just 1%.

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

What’s weighing on the Novonix share price today?

Thursday is proving to be a rough one for ASX 200 tech stock Novonix. It’s currently its home sector’s worst performing constituent.

Though, its 6% tumble isn’t far behind the 5.59% fall currently exhibited by the EML Payments Ltd (ASX: EML) share price. EML is coming in as the tech sector’s second worst performer.

Novonix’s day in the red comes after its full-year results were released to the market yesterday afternoon.

It posted $8.4 million of revenue for the 12 months ended 30 June – a 61% year-on-year increase. Meanwhile, its loss for the period came in at $71.4 million. That’s 295% deeper than the $18 million loss it posted for financial year 2021.

The company also provided an overview of an eventful year that saw it admitted to the ASX 200 and float on the Nasdaq Stock Market.

Interestingly, the company’s NASDAQ listing lifted 1.7% overnight as the United States market digested the company’s results.

Sadly, despite such an exciting year for the company, the stock has underperformed over the last 12 months.

The Novonix share price has more than halved since this time last year. That’s despite it peaking at $12.47 in December – 82% higher than where it’s trading today.  

For comparison, the ASX 200 has slumped 9% over the last 12 months, while the tech sector has fallen 34%.

The post Why is the Novonix share price slumping 6% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Novonix share price lifts despite full-year loss deepening to $71 million
• Here are the top 10 ASX 200 shares today
• Why is the Novonix share price tumbling 6% on Monday?
• Why is the Novonix share price getting hammered on Wednesday?
• How close is ASX tech share Novonix to becoming profitable?

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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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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