The Novonix Ltd (ASX: NVX) share price is trading more than 1% higher on Monday on no news.
At the time of writing, shares in the battery tech company are swapping hands at $2.26 apiece, as investors begin the first week of July trade on the ASX.
In broad market moves, the S&P/ASX All Technology Index (ASX: XTX) is pushing 1.25% higher at midday on Monday.
What's up with Novonix shares?
Investors punished Novonix last month alongside many other tech names as the growth/tech trade of 2021 completely unravels.
Those names within the 'growth' basket have incurred heavy losses in 2022, coming off two years of capital gains and lofty valuations.
The tech-heavy Nasdaq Composite is off to its worst half-year on record. Meanwhile, investors continue to unload risk assets including 'risker' portions of the share market.
Looming threats of higher interest rates, surging inflation and supply chain headwinds have also plagued tech stocks in 2022.
These macroeconomic headwinds have compressed share prices for both tech and growth companies across the globe in the first half of 2022.
Valuations of these kinds of shares are heavily tied to growth of the economy, cash flows into the future, and ability to scale up production.
Each of these factors is directly impacted by the macro-headwinds described above.
With the stage set, investors have now moved to position themselves to best absorb these pressures. Meaning tech shares might continue to get shunned.
All of this activity has infiltrated the Novonix share price, prompting investors to unload their positions.
Novonix snapshot
In the last 12 months, Novonix has slipped more than 5% into the red. Year to date the picture is worse, with Novonix shares losing 75% of their value.
At the current share price, Novonix has a market capitalisation of around $1 billion.
