The Novonix Ltd (ASX: NVX) share price had a tough run in November.
Novonix shares fell 16.42% between market close on 31 October and 30 November. For perspective, the S&P/ASX 200 Index (ASX: XJO) climbed 6.13% in the same time frame.
Let's take a look at how Novonix shares performed in November.
Image source: Getty Images
What happened?
Novonix shares fell in November following a very strong month in October. The company's shares soared 52% between market close on 30 September and 31 October.
As my Foolish colleague James noted recently, Novonix shares may have come under pressure in November due to profit taking on the gains in the previous month. Further, battery materials shares were under pressure during the month due to demand concerns from China.
Novonix is a battery materials and technology company working on solutions for electric vehicles and grid energy storage. The company has operations in Canada and the United States.
Novonix provided an update on its US$150 million grant from the US Department of Energy (DOE) in early November. The grant will support the company's anode materials division to scale up domestic production of synthetic graphite anode materials.
The project is expected to cost about US$1 billion between 2023 and 2025.
On 9 November, Novonix advised it had launched a new pilot production facility for cathode materials.
Commenting on this facility, Novonix CEO and founder Chris Burns said:
Launching our cathode pilot facility is another significant step in NOVONIX's efforts to pioneer a North American battery supply chain and revolutionize the sector with high quality materials and more efficient production methods.
The team at Morgans placed a speculative buy rating and a $3.11 price target on Novonix shares in November.
Novonix share price snapshot
Novonix shares have fallen 72% in the past year, while they have lost 75% year to date.
For perspective, the ASX 200 has climbed 1.17% in the last year.
Novonix has a market capitalisation of about $1.1 billion based on the current share price.
