“Anode production” doesn’t sound anywhere near as sexy as “telemedicine” or “artificial intelligence.” But when you consider that this eventually becomes part of battery production for electric vehicles, that certainly bumps things up a few notches. And Novonix (NASDAQ:NVNXF) shot up over 27% in Friday morning’s trading thanks to some exciting new developments and milestones achieved.
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Novonix has been busy, including getting its Generation 3 Furnaces up and running. And they’re running like no tomorrow, too; the new furnaces are meeting their throughput goals and even their sustainability targets as well. Plus, the Tennessee facility ramped up production to 20,000 tonnes per annum (tpa), which is double its previous level.
This combination of factors is pushing Novonix forward, and getting it to the point where its American electric vehicle battery production will be profitable in the not-too-distant future. It’s already achieved a point where its synthetic graphite operations are meeting specification targets; now it has to crank out said material in sufficient quantities at sufficient speeds to make it profitable. It’s well on its way, and the numbers brought out so far suggest that we could have a big new battery maker on our hands. And just at a time when a large portion of legacy automaking is hampered by a big UAW strike, too.
Yet, there is one fairly major problem for Novonix: insider trading. Insiders sold a combined total of $226,200 of stock in the last three months. While there was significantly more buying, it was uninformative buying, which makes the insider confidence level downright negative. Why sell out of a stock for a company that looks like it’s rapidly bringing things online? Especially when the one who did the selling was board Chairman Robert Natter? There are several possible reasons, of course, but for now, Novonix looks like it’s hitting its stride.
