The Mesoblast Limited (ASX: MSB) share price has come crashing down recently, tumbling 9.57% since the end of last month.

Much of that fall came amid a capital raise that saw shares in the biotechnology company offered for 75 cents each. The slump also follows a 54% surge in the Mesoblast share price during July.

The Mesoblast share price closed at 85 cents on Wednesday, down from 94 cents at the end of last month.

For context, the All Ordinaries Index (ASX: XAO) has lifted 0.9% so far this month.

So, what’s been weighing on the Mesoblast share price lately? Let’s take a look.

What’s been dragging on the Mesoblast share price lately?

Interestingly, the Mesoblast share price has plunged this month despite not trading for much of the first fortnight.

The stock entered a trading halt before the market opened on 4 August and didn’t return to trade until the following week.

At the time, the company told the market its shares were halted as it underwent a private placement. Though, all details of such a placement remained a secret until it returned to trade.

It wasn’t until 9 August that Mesoblast announced it had completed the capital raise. The placement saw its coffers injected with an additional $65 million after it sold 86.7 million new shares for 75 cents apiece.

The funds were partially earmarked to go towards launching the company’s lead drug candidate, remestemcel-L. Some of the cash will also be used to fund the phase three trial of its rexlemestrocel-L.

The Mesoblast share price plummeted 6.4% the day it was removed from the freezer.

It’s also worth noting Mesoblast released its most recent quarterly activities and cash flow report in the final session of last month. Its stock slipped 2% that day. Thus, some of its August slump may have been representative of a belated reaction to the release.  

At least the stock is well versed in trading in the red. It has tumbled 40% since the start of 2022. It’s also currently 57% lower than it was this time last year.

For comparison, the All Ordinaries has dropped 9% year to date and 7% over the last 12 months.

The post Why has the Mesoblast share price tumbled 10% so far in August? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Why Block, CBA, Mesoblast, and NAB shares are dropping today
• Mesoblast share price slides 8% following $65m capital injection
• Why is the Mesoblast share price still not moving today?
• These are the 10 most shorted ASX shares

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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If you’d like to make some investments but aren’t sure which shares to buy, then exchange traded funds (ETFs) could be a good option for you.

That’s because ETFs let you invest in a group of shares, allowing you to diversify easily and spread your risk.

But which ETFs could be buys? Three that are very popular are listed below. Here’s what you need to know about them:

BetaShares Global Energy Companies ETF (ASX: FUEL)

The first ETF for investors to look at is the BetaShares Global Energy Companies ETF. This ETF provides investors with easy exposure to the global players in the booming energy market. Furthermore, BetaShares notes that the ETF includes energy producers that are larger and more geographically diversified than their Australian counterparts. Among the ETF’s top holdings are energy giants including BP, Chevron, ExxonMobil, and Royal Dutch Shell.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

A second ETF for investors to look at is the VanEck Vectors Morningstar Wide Moat ETF. If you’re a fan of Warren Buffett, then this ETF could be for you. That’s because this ETF aims to invest in a group of fairly valued companies that have sustainable competitive advantages. This is something that Mr Buffett looks for when he invests. At present there are approximately ~50 shares included in the ETF. This includes Adobe, Alphabet, Amazon, Boeing, Constellation Brands, Microsoft, and Walt Disney.

VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO)

A final ETF that could be a top option for investors is the VanEck Vectors Video Gaming and eSports ETF. This popular ETF give investors exposure to the growing video gaming market. VanEck highlights that the industry is well-positioned for growth thanks to the increasing popularity of video games and eSports. This could bode well for the companies included in the ETF such as hardware giant Nvidia and game developers Roblox, Take-Two, and Electronic Arts.

The post 3 high quality ETFs for ASX investors to buy now appeared first on The Motley Fool Australia.

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More reading

• 2 ETFs I think would make good additions to most portfolios
• 2 quality ETFs for ASX investors to buy in August
• 3 top ETFs for ASX investors to buy next week
• Why I think it’s time to load up on these 2 ASX shares
• 3 ETFs for ASX investors to buy right now

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 positions in and has recommended BetaShares Global Energy Companies ETF – Currency Hedged. The Motley Fool Australia has recommended VanEck Vectors ETF Trust – VanEck Vectors Video Gaming and eSports ETF and VanEck Vectors Morningstar Wide Moat ETF. 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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The Nuix Ltd (ASX: NXL) share price has climbed 13% in the past month and the momentum has continued today.

The Nuix share price hit an intraday high of 67.5 cents per share after the ASX-listed software company announced the consolidation of multiple class action claims as a single claim.

At the time of writing, Nuix shares are trading hands for 65.5 cents each, up 0.77%.

Let’s check the latest news to see what’s been happening with the Nuix share price.

Nuix reports poor FY22 results

Last week, Nuix released its FY22 results and the biggest takeaway was the significant fall in net profit after tax (NPAT). This was down 190.4%, as covered by my colleague James Mickleboro.

Despite the poor results, management expressed a positive outlook, buoyed by fresh strategic initiatives to drive growth.

However, there are a few niggling issues that management needs to address.

Status of the legal claims against Nuix

In November 2021, shareholders launched a class action against Nuix through the legal firm Shine Lawyers. This action alleged Nuix provided “inadequate guidance” on revenue and “misleading” sales forecasts.

A week later, Nuix received notice of a second class action from Daniel Joseph Batchelor and shareholders who purchased Nuix shares during its initial public offering (IPO) between 4 December 2020 and 29 June 2021.

Today, the software company advised the Supreme Court of Victoria has ordered these two actions be consolidated into one claim.

The Supreme Court of Victoria also ordered that the proceeding commenced by Banton Group be permanently stayed. It means this claim is on hold until further orders.

Nuix noted it disputes the allegations contained in the claim and will be defending it.

Appointment of general counsel

Last month, Nuix announced the appointment of Ilona Meyer as the new general counsel and company secretary. She was to commence this week and it looks like she’ll have her hands full.

Meyer was previously the head of legal and compliance and company secretary at Boehringer Ingelheim. She has also previously worked at public companies ResMed (ASX: RMD) and 3M Australia (NYSE: MMM).

Nuix’s former general counsel Brian Krupczak left in August after 12 years with the company.

Nuix share price snapshot

The Nuix share price has crumbled along with many other ASX growth shares, falling by 50% in the last six months but has rebounded in the last month, climbing 13%.

It’s been relatively smoother sailing for the S&P/ASX 200 Index (ASX: XJO), which is up 0.1% in the last six months and up 3% in the past month.

Nuix’s market capitalisation is currently around $209 million.

The post What’s been happening with the Nuix share price of late? appeared first on The Motley Fool Australia.

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More reading

• Which 3 ASX mining shares are soaring more than 15% today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Wagners share price plummets 26% as FY22 net profit declines
• Why are ASX 200 tech shares having such a cracker of a day?

Motley Fool contributor Raymond Jang 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 ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd and ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. 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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The Prescient Therapeutics Ltd (ASX: PTX) share price is plunging during late afternoon trade on Wednesday.

This follows the company’s latest announcement regarding the launch of a share purchase plan (SPP).

At the time of writing, shares in the clinical stage oncology company are fetching at 18.5 cents each, down 11.90%.

What are the SPP details?

A catalyst for the steep dive in the Prescient share price today is investor fears of an impending share dilution.

According to its release, Prescient advised it is seeking to raise $8 million via an SPP from retail investors.

Under the SPP, eligible shareholders can apply to buy a parcel of Prescient shares for 17.5 cents each.

This represents a 14.6% discount to the volume weighted average price (VWAP) over the last five trading days, and a 16.7% discount to the last closing price on 23 August 2022.

Eligible shareholders can apply for a minimum application amount of $5,000 with a maximum application amount of $30,000.

The closing date for the SPP will be 28 September. The new shares will be issued on 5 October, with trading available the following day.

Prescient will use the funds to progress the ongoing clinical development of its targeted therapies PTX-100 and PTX-200.

In addition, the company is aiming to advance its innovative cell therapies towards and into first-in-human clinical studies.

Prescient CEO and managing director, Steven Yatomi-Clarke commented:

The last couple of years in particular have been a period of incredible growth and progress for Prescient, and the company is seeking to maintain this momentum and its position at the forefront of oncology innovation…

Prescient share price snapshot

Since the beginning of the calendar year, Prescient shares have travelled lower to post a loss of 20%.

However, when looking at the year-to-date, the company’s shares are up 3%.

Based on today’s price, Prescient commands a market capitalisation of around $114.58 million with approximately 654.73 million shares on issue.

The post Why is the Prescient share price diving 12% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• What’s been happening with the Nuix share price of late?
• ASX tech share Xref rallies on 834% profit boost
• Guess which ASX lithium share is rocketing 20% on positive drill results
• Which 3 ASX mining shares are soaring more than 15% today?
• 2 exciting small cap ASX shares that analysts say have huge potential

Motley Fool contributor Aaron Teboneras 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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ASX tech shares are broadly outperforming today with the S&P/ASX All Technology Index (ASX: XTX) up 1.22% compared to a 0.58% gain posted by the All Ordinaries Index (ASX: XAO).

But ASX tech share Xref Ltd (ASX: XF1) is charging far higher, up 8.3% to 39 cents per share.

This comes following the release of the human resources technology company’s full-year results for the 12 months ending 30 June (FY22).

Here are the highlights.

Xref share price soars on rocketing profits

• Total revenue of $18.6 million, up 29% from FY21.
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 75% year on year to $1.8 million
• Net profit after tax (NPAT) of $730,000, up 834% from the prior year
• Net cash generated from operating activities up 99% from FY21 to $4.6 million

What else happened with the ASX tech share during the year?

FY22 was a record year for sales and revenue for Xref.

Total expenses were up 20% from the prior year, to $16.9 million. That was largely driven by higher marketing spending and increased wage costs. The company said the extra spending will support continued revenue growth and product development.

The company said it remained the number one ranking reference checking company on peer-to-peer review site G2, with an average 4.7-star rating. Its global Google review rating is 4.8 stars, while Capterra reviews also award the ASX tech share with 4.7 stars.

What did management say?

Commenting on the results sending the ASX tech share higher today, Xref CEO Lee Seymour said:

All regions grew strongly in FY22. North American revenue grew 49% year on year with revenue from the United States growing by 129% when compared to FY21 showing strong demand for Xref’s products from this area…

Clients who joined Xref prior to FY2020 accounted for 60% of revenue in FY2022. Clients who joined in FY2021 grew by 131% in FY2022 and revenue from new clients grew 32% when compared to the previous year. This demonstrates Xref’s strong track record in client retention and increasing customer life time value.

What’s next?

Xref did not offer specific guidance for the year ahead.

However, the ASX tech share did note its continued growth plans, stating, “The first half of FY23 will see Xref preparing to launch products to grow the marketplace and platform subscriptions.”

How has this ASX tech share been tracking?

Despite today’s rise, the Xref share price remains down 42% in 2022. That sees the ASX tech share underperforming the All Ordinaries, which is down 9% year to date.

The post ASX tech share Xref rallies on 834% profit boost appeared first on The Motley Fool Australia.

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More reading

• What’s been happening with the Nuix share price of late?
• Why is the Prescient share price diving 12% on Wednesday?
• Guess which ASX lithium share is rocketing 20% on positive drill results
• Which 3 ASX mining shares are soaring more than 15% today?
• 2 exciting small cap ASX shares that analysts say have huge potential

Motley Fool contributor Bernd Struben 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 Xref Limited. The Motley Fool Australia has recommended Xref Limited. 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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The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 1% today, but this one ASX lithium share is soaring far higher.

The Latin Resources Ltd (ASX: LRS) share price is surging more than 20% today and is currently trading at 13.3 cents.

So why is this lithium explorer having such a good day?

Why is this ASX lithium share rising?

Latin is working on projects for a net zero emission future. The company is exploring the Salinas Lithium Project in Brazil and the Catamarca Lithium Project in Argentina. Latin is also progressing the Cloud Nine Halloysite- Kaolin Deposit in Australia.

Today, Latin provided an update on metallurgical test work on drill core from the company’s Salinis lithium project.

Simple heavy liquid separation recovered 78.72% lithium oxide with a high-grade lithium oxide concentrate of up to 6.57%.

Commenting on this news, executive director Chris Gale said:

We are seeing lithium recovery rates and concentrate grades from simple HLS processing that are well above industry standards.

This points to strong potential for production of a premium Li product and therefore premium pricing for our product.

Gale acknowledged it is still early days and more test work needs to be completed.

However, he said “the apparent ease of liberation of our spodumene producing such a high lithium concentrate may have significant positive implications for our Salinas Project”

For example, it may mean Latin will not need to rely on floatation processing, which is more costly, to extract high-quality concentrate. Latin will be conducting further test work in future weeks.

Latin Resources share price snapshot

The Latin Resources share price has soared a mammoth 348% in the year to date. In the past year, it has rocketed more than 209%.

For perspective, the ASX Materials index has lost 0.3% in a year and 1.23% in the year to date.

Latin Resources has a market capitalisation of $253 million based on the current share price.

The post Guess which ASX lithium share is rocketing 20% on positive drill results appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares rocketing higher today on new finds
• Why is the Latin Resources share price leaping 30% today?

Motley Fool contributor Monica O’Shea 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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It’s a better day for the S&P/ASX 200 Index (ASX: XJO) so far on Wednesday with the benchmark index up 0.58% at the time of writing. But that’s nothing compared to some ASX mining shares that are recording impressive gains today.

This is amid the S&P/ASX 300 Metals and Mining Index (ASX: XMM) gaining 1.27% in late afternoon trade. A similar benchmark, the S&P/ASX 200 Materials Index (ASX: XMJ), is also up 1.09%.

Let’s see which ASX mining shares are have a cracking day today.

Arcadia Minerals Ltd (ASX: AM7)

The Arcadia Minerals share price is up a massive 102.56% at the time of writing, with shares of the battery metals explorer trading hands for 39.5 cents each. The company’s share price hit an intraday high of 48 cents this morning, representing a 146% gain.

The big news for the company today is the announcement it has discovered 85.2 million tonnes of extra lithium reserves at its Bittwasser site in Namibia this morning. This represents a 560% increase from its earlier numbers. The company also announced that 59.6 million tonnes of lithium carbonate could be produced from these additional reserves, up 430% from previous estimates.

Nimy Resources Ltd (ASX: NIM)

The Nimy Resources share price is up 18.52% in late afternoon trade. Shares in the nickel exploration company are fetching for 32 cents apiece after closing at 27 cents each yesterday.

There’s no news today to support the Nimy Resources share price surge. In fact, the last significant announcement the company made was in June when it released its quarterly activities report. This was mostly centred around its diamond drilling activities. Curiously, nickel is currently down 0.69% today, according to Markets Insider.

Noronex Limited (ASX: NRX)

The Noronex Limited share price is up 21.05% right now to 6.9 cents a share. Earlier today, the copper company’s shares hit an intraday high of 7.9 cents apiece, representing a 39% jump.

Noronex addressed the reason why its shares are gaining today through a response to a price and volume query initiated by ASX’s listings compliance department. The price action of Noronex shares comes amid news about other ASX-listed companies mining in the Kalahari copper belt, where Noronex controls 5,600 square kilometers. The belt stretches from Namibia into Northern Botswana.

In the letter addressed to the ASX, Noronex said Cobre Ltd (ASX: CBE) reported it had discovered significant copper mineralisation in the Kalahari copper belt. Another update by Sandfire Resources Ltd (ASX: SFR) was cited as a potential contributor to the surge in the Noronex share price as it prepares to commence copper mining in its Motheo Botswana site in FY23.

The post Which 3 ASX mining shares are soaring more than 15% today? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Wagners share price plummets 26% as FY22 net profit declines
• Why are ASX 200 tech shares having such a cracker of a day?
• HMC Capital share price jumps 9% on explosive results

Motley Fool contributor Matthew Farley 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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If you have room in your portfolio for some higher risk options, then the two small cap ASX shares listed below could be worth considering.

Both have been named as buys and tipped to rise materially from current levels. Here’s what analysts are saying about these small cap shares:

Camplify Holdings Ltd (ASX: CHL)

The first small cap ASX share that is highly rated is Camplify. It is one of Australia’s leading peer-to-peer (P2P) digital marketplace platforms connecting recreational vehicle (RV) owners with hirers.

Camplify has been growing at a solid rate in recent years and continued this in FY 2022. It has just released its full year results and revealed a 63% increase in gross transaction volumes to $53.6 million and a 94% jump in revenue to $16.4 million.

This went down well with the team at Morgans, which remain very bullish on the company’s prospects. The broker said:

Camplify (CHL) released its 4Q22 trading update, which in our view showed strong growth in key metrics and highlighted the underlying momentum in the business post lockdowns easing continued throughout the fourth quarter.

CHL’s management team has shown an ability to build out a successful scalable platform, in our view. Whilst still in its infancy and not without risk, we believe structural tailwinds supporting CHL and the prodigious opportunity offshore should provide longer-term growth potential for patient investors.

In light of the above, Morgans has put an add rating and $4.25 price target on the company’s shares.

Pentanet Limited (ASX: 5GG)

Another small cap ASX share to look at is specialist broadband provider Pentanet.

It recently released its full year results for FY 2022 and reported a 54.1% increase in revenue to $16.8 million. This was driven by strong demand for its internet services, which resulted in a 34.1% increase in internet subscribers to 16,674. In addition, cloud gaming subscribers grew to 182,000+ after only launching in October 2021.

The team at Bell Potter were impressed with the company’s performance and expect this solid growth to continue. Particularly given its exposure to global entertainment and data trends. It said:

We believe 5GG’s neXus rollout is a significant opportunity for the company to deliver high quality internet into the Perth metro region which is typically characterised by underperforming networks. Changing media consumption (e.g. streaming) and the proliferation of data downloaded are key drivers of internet premiumisation in Australia.

neXus is underpinned by Meta’s Terragraph technology which can enable gigabit internet at scale at high margin and relatively low cost to the consumer. 5GG is also exposed to the rapidly growing cloud gaming industry through the exclusive Australian distribution of NVIDIA’s GeForce NOW platform.

Bell Potter has retained its speculative buy rating on the company’s shares with a slightly trimmed price target of 56 cents.

The post 2 exciting small cap ASX shares that analysts say have huge potential appeared first on The Motley Fool Australia.

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More reading

• Camplify share price sinks 6% on growing FY22 losses
• Pentanet share price rips 10% higher on double-digit profit growth
• ‘Strong growth’: Expert says buy this ASX company that just doubled revenue
• Camplify share price leaps 6% as revenue more than doubles

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 positions in and has recommended Camplify Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pentanet Limited. 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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The S&P/ASX 200 Index (ASX: XJO) is finally back in the green this Wednesday after a rough couple of trading days. At the time of writing, the ASX 200 has gained a healthy 0.52% and is just under 7,000 points.

So let’s now delve deeper into these gains by checking out the shares currently topping the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

Telstra Corporation Ltd (ASX: TLS)

First up today is ASX 200 blue chip telco Telstra. So far this Wednesday, a notable 13.9 million Telstra shares have been bought and sold on the share market. This is probably a consequence of the nasty 2.2% drop that the company has endured so far during today’s session.

However, that drop is not as bad as you might think, being a consequence of the telco trading ex-dividend for its upcoming final dividend payment of 8.5 cents per share.

EML Payments Ltd (ASX: EML)

Next up we have ASX 200 payments share EML. So far this Wednesday, a sizeable 22.71 million EML shares have found a new home. Sadly for investors, this looks to be a byproduct of the company’s nasty share price fall that we have seen.

As we dug into earlier this afternoon, investors are fleeing the company after EML revealed that it has identified fraudulent activity within its Sentenial business. With EML shares down by 11.56% to 88 cents each, it’s perhaps no wonder so many shares are trading hands.

Pilbara Minerals Ltd (ASX: PLS)

Last up today is ASX 200 lithium stock Pilbara Minerals. This Wednesday has seen a whopping 35.06 million Pilbara shares trade on the share market thus far. Fortunately for investors, this seems to be the result of a positive share price swing.

Pilbara shares have gained a pleasing 5.96% so far today to $3.46 a share. There’s been no news out of the company during the current session. But investors have been flocking to PiIblaa shares ever since the company dropped its FY2022 earnings report yesterday.

The post Here are the 3 most heavily traded ASX 200 shares on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy today
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Wagners share price plummets 26% as FY22 net profit declines
• Why are ASX 200 tech shares having such a cracker of a day?
• Could Pilbara’s inaugural profit signal good times ahead for ASX lithium shares?

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. 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 and Telstra Corporation Limited. 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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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. What’s 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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