It’s been a big week for the Novonix share price.
The post The Novonix (ASX:NVX) share price surges another 5% on Thursday appeared first on The Motley Fool Australia. –
The Novonix Ltd (ASX: NVX) share price is continuing its upwards trajectory today despite the company’s silence.
The Novonix share price is currently $5.04, 5% higher than its previous close. However, earlier today it hit a new all-time high and – almost simultaneously – broke a milestone barrier by hitting $5.08, rising above $5 for the first time ever.
Right now, Novonix shares are trading for 23% more than they were at the start of this week.
Let’s take a look at the latest news from the battery metals and technology company.
Its a good day for Novonix shareholders
The last time the market heard from Novonix was a week ago today when the company released its earnings for financial year 2021.
While the Novonix share price initially slid 5% on the back of its earnings, it has evidently recovered.
Novonix brought in $5.2 million of revenue for FY21. Although, it reported an after-tax loss of $18 million.
The Novonix share price’s recent rallying could be a delayed reaction to its full year results.
Additionally, it could be a reflection of a strong sector and high demand for battery technology products.
As The Motley Fool Australia reported yesterday, the top performing ASX shares for the month of August all came from the lithium and battery sector.
While Novonix’s recent rallying could have been on the back of the materials sector, today’s gains are likely attributed to something else.
Right now, the S&P/ASX 200 Materials sector (ASX: XJM) is slipping 2.9%.
Novonix share price snapshot
This week’s gains are only the most recent boost the Novonix share price has experienced.
The company’s share price is currently 306% higher than it was at the start of 2021. It has also gained 209% since this time last year.
After today’s gains, Novonix has a market capitalisation of around $2 billion.
Should you invest $1,000 in Novonix right now?
Before you consider Novonix, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Novonix wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
Why the Novonix (ASX:NVX) share price is rocketing 20%
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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 Bruce Jackson.