The Novonix Ltd (ASX: NVX) share price struggled on Friday amid losses seen across the ASX technology sector. The company's shares closed down 2.49% on Friday.
Shares of the battery metals and technology company ended the day at $1.76 each. Earlier today, they reached an intraday high of $1.79. and a low of $1.71.
Today's price action means its shares hit a new 52-week low, surpassing the previous 52-week low of $1.77 it reached on Wednesday.
The S&P/ASX 200 All Technology Index (ASX: XTX) struggled today, too, ending with a 3.09% loss. It was also a tough day for the broader market, with the S&P/ASX 200 Index (ASX: XJO) closing 1.23% lower.
There was no news from the company today to make sense of the sell-off in its share price. However, some developments have occurred for the company in the recent past. Let's cover the highlights.
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What's going on with Novonix?
Novonix has had some negative news coverage over the last 10 days, which may have contributed to its share price downfall.
The biggest news came on 20 September with Novonix's auditor, PriceWaterhouseCoopers (PWC), noting a "material uncertainty" with the company existing as a going concern. as reported by my Fool colleague Zach.
Reasons stated for the uncertainty was the fact that Novonix posted a $71 million loss in its annual report for FY22, along with a $40 million cash outflow, Zach said.
More recently, Novonix could also be feeling the pinch of US jobless numbers coming in lower than expected on 29 September, leading to fears that the Fed will make further rate hikes to tame inflation.
Investors may surmise that the higher interest rates get, the higher the likelihood the Fed will botch the soft landing it has been planning, thus steering them away from riskier investments.
Novonix share price snapshot
Novonix's share price is down 80% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 13% over the same period.
The company's market capitalisation is around $878.45 million.
