It has been a wobbly stock market over the past five trading sessions, but there are still small cap stock plays that are rising when they hit the right theme of the moment. This morning shares of Australian based Novonix Ltd. (OTCMKTS: NVNXF) are soaring up over 150% going into the noon hour. The stock has done over 5,000 individual trades on the US OTC this morning to be the top stock with the most number of single trades on that exchange today. Take a look at the chart.
Novonix Ltd (OTCMKTS: NVNXF) is a company in the business of developing batteries for electric vehicles. That is a trend and theme that has caught the fascination of many stock traders around the world trying to find a way to profit from it. The stock had a run in June on rumors that it was going to sign a deal with Tesla. Those rumors have not materialized yet, but the stock has managed to go up over the past few months to achieve a market cap of over $450 million US dollars. The company owns a basket of patents and has raised a lot of money in private placements, but currently has no revenue or earnings. The price action and buzz around the stock have attracted a lot of attention on Twitter.
Lol $nvnxf is on fire right now 😂— Gay Trader (@GayTrader_) September 22, 2020
I will not sell $nvnxf until I hear it mentioned on CNBC, that’s the plan 🤷🏻♂️— Gay Trader (@GayTrader_) September 22, 2020
I do not own shares of NVNXF and am not trading it. Neither is Mike Swanson, the head editor of this website. Mike is focused on metals and mining stocks as way take advantage of these markets. He likes the idea of investing in what many companies need instead of just pure speculative situations. You can get on his free stock trading morning update list by clicking here to subscribe.