The Novonix Ltd (ASX: NVX) share price is flying today, up 15.49% in early afternoon trading to $4.25. Novonix appears to be joining in on today's market recovery after the savage sell-off yesterday.
At the time of writing, the S&P/ASX All Ordinaries Index (ASX: XAO) is also up by 0.29%.
The only news out of the battery materials and technology company today is that Novonix will present at Citi's 2022 Lithium & Battery Virtual Day on 26 May. Novonix announced that its CEO and co-founder, Dr Chris Burns, and CFO Nick Liveris, will present and hold virtual one-on-one meetings at the event.
The pair will present and participate in a moderated Q&A session from 2pm to 2.35pm.
Why is the Novonix share price gaining?
That news aside, today's gain in the Novonix share price is likely a simple case of catch-up.
Yesterday, Novonix shares were pretty well beaten up — but so was the entire ASX market.
The All Ords fell by 1.46% and Novonix finished the session down 5.37%. At one point, Novonix shares were down 8%.
As my Fool colleague, James explained in his report, the broader market share price declines were "felt particularly hard the further up the risk curve you go".
He added: "And with Novonix sporting a $2 billion market capitalisation despite recently reporting quarterly revenue of US$2.1 million, it's about as high risk as it gets for investors."
ASX technology shares significantly volatile
There is arguably no sector more volatile right now than ASX tech shares.
Technology companies are often the ones with big debt, which they are using to grow their burgeoning businesses. But with interest rates clearly on the move northwards, so are the interest costs of holding debt. So, that's not great.
Plus, many tech companies are yet to turn a profit, so they're not so attractive to ASX investors right now.
Investors appear to be favouring value shares, which are typically large, established, and profitable companies, over growth shares right now.
The S&P/ASX 200 Growth Index (ASX: SPAX2GUP) is down 11.37% year-to-date. By comparison, the S&P/ASX 200 Value Index (ASX: SPAX2VUP) is up 1.64%.
The Novonix share price is down 60% year-to-date and up 98% over the past 12 months.
