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Novonix share price tumbles 6% on Friday. What's going on?

It's proving to be a rough day for this ASX 200 tech share.

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Brooke Cooper
Brooke has been a Motley Fool contributor since early 2021. She holds a Bachelor of Communication with specialisations in journalism and international studies from Charles Sturt University. Brooke aims to inform and excite Aussies keen to grow their wealth by investing in ASX companies. When not writing or researching, you'll likely find Brooke gallivanting around South East Queensland.
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Key points
  • The Novonix share price is sliding on Friday, trading 5.5% lower at $3.09 
  • The ASX 200 tech sector is also in the red today, with the battery materials and technology stock coming in as its worst performer 
  • On top of that, Friday has brought a turnaround for some stocks involved in battery metals 

The Novonix Ltd (ASX: NVX) share price is tumbling lower today despite no news having been released by the battery materials and technology company.

It's in the red alongside many of its tech and battery metals peers today after surging nearly 11% on Thursday.

The Novonix share price is currently trading at $3.09, 5.5% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.5% so far today.

Let's take a closer look at what's going on with the ASX 200 tech stock and its peers on Friday.

A sad and flat battery

Image source: Getty Images

What's weighing on the Novonix share price today?

The Novonix share price is plummeting on Friday, making it the worst performer in its sector.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently down 1.2%.

Alongside Novonix, the sector is being weighed down by shares in Megaport Ltd (ASX: MP1), Block Inc (ASX: SQ2), and Altium Limited (ASX: ALU). They've fallen 4%, 4%, and 3% respectively right now.

On top of that, some ASX 200 battery materials shares are also underperforming today.

Some lithium stocks, including Lake Resources N.L. (ASX: LKE), Core Lithium Ltd (ASX: CXO) and Liontown Resources Limited (ASX: LTR), have broken a multi-session green streak to weigh on the market.

Today's fall included, the Novonix share price is 71% lower than it was at the start of 2022 and 25% lower than it was this time last year.

Meanwhile, the ASX 200 has fallen 7% year-to-date. It is also down 7% over the last 12 months.

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 Altium, Block, Inc., and MEGAPORT FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended MEGAPORT FPO. 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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