The ASX tech sector has been one of the strongest performing market sectors today, with many tech listed companies showing strong share price gains.
Here we look at 3 ASX tech shares that have seen particularly strong share price rises so far today.
Nearmap Ltd (ASX: NEA)
Nearmap shares are on fire today, up by 8.4% at the time of writing.
It has been a rollercoaster ride for the Australian aerial imagery and specialist location data company on the ASX over the past twelve months. One year ago, the Nearmap share price was trading at $3.14, but then trended downward until late March. In particular, the Nearmap share price was hit hard during the early phase of the coronavirus pandemic, dropping to as low as $0.86. Since then it has rallied strongly, and this trend has continued today with its share price currently trading at $2.46.
A positive update in late May is likely to have contributed to the company’s recent share price growth. Nearmap’s customer base continues to grow strongly and customer churn is now below 10%.
Bigtincan Holdings Ltd (ASX: BTH)
Bigtincan has been another standout ASX tech share performer today. Its share price is up by a whopping 9% so far today. This follows on from a strong share price rally since late March.
Bigtincan operates in a fast-growing IT software niche known as ‘sales enablement’. The company suffered heavy share price losses during the early phase of the coronavirus pandemic, but now has recovered most of those losses. Bigtincan recently announced the signing of a major new customer contract with global beverage giant Red Bull. This has helped push its share price higher in recent weeks.
Sezzle Inc (ASX: SZL)
Buy now, pay later (BNPL) fintech provider Sezzle is based in the United States, however is listed on the ASX.
The Sezzle share price has surged 9.8% higher so far today. This follows on from a super strong upward share price trajectory since late March. Since that time, the Sezzle share price has risen from $0.37, to currently be trading at $7.14. That’s a massive increase of more than 1800%!
The BNPL sector has been on a tear in recent months, with other ASX listed providers such as Openpay Group Ltd (ASX: OPY) also performing well.
I think the recent strong rise in the sector is linked to two key factors. Firstly, the pandemic has encouraged a surge in online shopping, which has flowed through to increased BNPL transactions. Secondly, there is growing market acceptance that the BNPL sector appears to be here to stay. This is boosting investor confidence about the long-term growth prospects of the industry.
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And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
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More reading
- ASX 200 jumps 1.15%: BHP Q4 update, tech shares rocket higher
- Why I would buy Afterpay and these exciting ASX tech shares
- Is the Zip share price a buy after falling 20% last week?
- Zip and Openpay were among the most traded shares on the ASX last week
- These are the 10 most shorted shares on the ASX
Phil Harpur owns shares of Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BIGTINCAN FPO and Nearmap Ltd. The Motley Fool Australia has recommended BIGTINCAN FPO, Nearmap Ltd., and Sezzle Inc. 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 Why Nearmap and 2 other ASX tech shares are surging higher today appeared first on Motley Fool Australia.
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