NOVONIX (NOVONIX) Momentum Rank : 8 (As of May. 31, 2024)

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What is NOVONIX Momentum Rank?

NOVONIX has the Momentum Rank of 8.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

Competitive Comparison of NOVONIX's Momentum Rank

For the Electrical Equipment & Parts subindustry, NOVONIX's Momentum Rank, along with its competitors' market caps and Momentum Rank data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

NOVONIX's Momentum Rank Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, NOVONIX's Momentum Rank distribution charts can be found below:

* The bar in red indicates where NOVONIX's Momentum Rank falls into.

NOVONIX Momentum Rank Related Terms

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NOVONIX (NOVONIX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » NOVONIX Ltd (OTCPK:NVNXF) » Definitions » Momentum Rank

Comparable Companies

Traded in Other Exchanges

NVX:USA GC3:Germany NVX:Australia

Address

71 Eagle Street, Level 38, Brisbane, QLD, AUS, 4000

Website

https://www.novonixgroup.com

NOVONIX Ltd operates in the lithium-ion battery industry. The company has three operating segments namely Graphite Exploration and Mining, Battery Technology, and NOVONIX Anode Materials. Graphite Exploration and Mining segment is engaged in the exploration and development of high-grade flake graphite deposit. TheNOVONIX Anode Materials segment develops and manufactures battery anode materials. The Battery Technology segment develops battery cell testing equipment and carried out research and development in battery development. The Battery Technology segment is the major revenue contributor to the company.