The Novonix Ltd (ASX: NVX) share price is outperforming the S&P/ASX 200 Index (ASX: XJO) today. Indeed, it was the index's second-best performer earlier this morning.
The Novonix share price is currently trading at $2.13, 3.4% higher than its previous close.
For context, the ASX 200 has dumped 1.29% at the time of writing. Meanwhile, the company's home sector – the S&P/ASX 200 Information Technology Index (ASX: XTX) – has slipped 0.07%.
So, what might be driving the battery materials and technology stock higher on Wednesday? Let's take a look.
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What's going right for the Novonix share price?
The Novonix share price is back on the horse today despite a broader market sell-off plunging the ASX 200 to a new eight-week low.
Making the stock's gains even more interesting is the recent poor performance of the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC). The index fell 0.7% overnight, a seventh consecutive daily loss.
As CommSec noted, that marks its longest losing streak since November 2016. The Wall Street index was fallen 8.7% over the last month.
Meanwhile, the Australian tech sector, which typically mirrors the NASDAQ, has dropped 5.2%. At the same time, the Novonix share price has plunged 32%.
That could lead some market participants to put the company's Wednesday gains down to bargain hunting.
The stock is joined in the green by that of Lake Resource NL (ASX: LKE) and Virgin Money UK CDI (ASX: VUK). They've gained 4.5% and 3.5% respectively, with the former announcing the appointment of its next CEO this morning.
Sadly, today's gain hasn't been nearly enough to drag the Novonix share price back into the longer-term green.
The stock has plummeted 79% year to date. It has also fallen 56% since this time last year.
For comparison, the ASX 200 is down 11% year to date and 10.5% over the last 12 months.
