The SelfWealth Ltd (ASX: SWF) share price hit a new all-time high of $0.60 today after the company released its quarterly report for the period ending June 2020. The SelfWealth share price is currently up by 13.46% to sit at $0.59 per share.
What were the highlights from SelfWealth’s quarterly report?
SelfWealth has seen 6 consecutive months of record trade volumes, after recording a 112% increase in quarter on quarter trading volume of 340,000 for the June period. In addition, the budget broker saw a 44% quarter on quarter increase in ‘active traders’ over the last 3 months, with 46,445 customers using the platform.
The June quarter also saw SelfWealth report its first ever positive cash flow of $809,000. In addition, the broker also reported a 101% increase in quarter on quarter revenue of $4.18 million for the June period. The influx of new clients and share market rally has seen the total securities held on SelfWealth’s holder identification number (HIN) rise to $2.52 billion at the end of June.
The company’s management attributed the growth to large numbers of investors entering the share market as a result of the coronavirus pandemic changing investor behaviour. SelfWealth cited ultra low interest rates and the digitisation of investments markets as key factors in drawing in new users.
The company also provided an update on its US equity trading platform, which is expected to launch later in the year.
What does SelfWealth do?
SelfWealth is a budget platform that offers retail investors a flat fee of $9.95 for every trade on the ASX. In addition, the company also offers auxiliary services such as a community sharemarket forum and a premium forum for $20 per month.
In early March, the company completed a $3 million capital raise, with funds being used to build and maintain growth in the business, develop its platform technology and new product initiatives. By offering low-cost brokerage fees and adapting to the digitisation of investment markets, SelfWealth aims to attract new investors, particularly those from the younger demographics.
Foolish takeaway
The SelfWealth share price has more than tripled for the year. At the time of writing, the company’s share price is trading 13% higher after hitting a new all-time high earlier of $0.60 per share.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- Have $10,000 to invest? I’d pick these ASX shares
- Are Afterpay shares the next Visa?
- Kogan and 1 other ASX share to buy and hold beyond 2025
- ASX 200 falls 0.7%, Qantas and Afterpay make a partnership
- 2 ASX shares I would buy for growth and income
Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post SelfWealth share price surges to all-time high on quarterly report appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3gtHnA7
Leave a Reply