The Novonix Ltd (ASX: NVX) share price has been a strong performer on Tuesday.
In afternoon trade, the battery technology companyâs shares are up 7% to $2.51.
This makes the Novonix share price one of the best performers on the ASX 200 index today.
Why is the Novonix share price shooting higher?
Investors have been bidding the companyâs shares higher today despite there being no news out of it.
However, it is worth noting that a number of beaten down shares are climbing particularly strongly today amid a broad share market recovery.
Beaten down battery metals and lithium shares such as Argosy Minerals Limited (ASX: AGY), Chalice Mining Ltd (ASX: CHN), and Sayona Mining Ltd (ASX: SYA) are also charging notably higher today.
Though, despite todayâs gains, this group of shares is still down materially in recent weeks. For example, the Novonix share price remains down 37% over the space of the month, with Chalice and Sayona recording similarly severe declines.
In light of this, itâs possible that todayâs buying could be from investors that believe these shares have been oversold.
Time will tell if they hold onto these gains or give them back if/when the market volatility returns.
The post Why is the Novonix share price charging 7% higher today? appeared first on The Motley Fool Australia.
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More reading
- These were the worst performing ASX 200 shares last week
- Novonix share price loses 20% in dire week for ASX 200 tech stocks
- The Novonix share price is the worst of the ASX 200 losers today. What’s going on?
- ASX 200 midday update: ResMed’s US$1bn acquisition, tech shares continue to sink
- Novonix share price tumbles 10% amid Tuesdayâs carnage
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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