The S&P/ASX 200 Index (ASX: XJO) may have been out of form on Wednesday, but that didn’t stop a number of shares from racing higher.
Some even managed to climb to 52-week highs or better despite the ASX 200 dropping 1.3%.
Three ASX shares that have achieved these milestones are listed below. Here’s why they are on a high:
HUB24 Ltd (ASX: HUB)
The HUB24 share price climbed to a 52-week high of $13.64 on Wednesday. Investors have been buying the investment platform provider’s shares after it continued its strong growth despite the pandemic. In fact, HUB24 recently revealed a record performance during the fourth quarter. It recorded a net inflow of $1.1 billion for the quarter, which together with favourable market movements, lifted its funds under administration by 14% or $2.1 billion to $17.2 billion. This means that its average monthly net inflows during FY 2020 was $412 million, up 26% from $326 million per month in FY 2019.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price stormed to a record high of $2.40 yesterday. Investors have been buying the meal kit delivery company’s shares after demand surged during the pandemic. This led to Marley Spoon’s first quarter revenue growing 46% on the prior corresponding period to 42.8 million euros. Another big positive was that this stronger than expected growth has accelerated its path to profitability. Next week Marley Spoon will be releasing its second quarter result and is tipped to reveal even stronger growth.
Whispir Ltd (ASX: WSP)
The Whispir share price continued its incredible run and hit a record high of $4.48 on Wednesday. This means the communications workflow platform provider’s shares are now up over 550% from their March low of 68 cents. As with the others, investors have been buying Whispir’s shares after the pandemic accelerated its growth. In its recent fourth quarter update, the company revealed annualised recurring revenue growth of 4.2% over the March quarter and 35.7% over the prior corresponding period to $42.2 million. This was driven by strong demand from new and existing customers.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
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!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Add these ASX small cap shares to your watchlist immediately
- Market close: ASX 200 falls 0.5%
- Why Catapult, Eclipx, FlexiGroup, & Whispir shares are charging higher
- ASX 200 down 0.5%: Sydney Airport and South32 updates, HUB24 delivers record Q4
- HUB24 share price pushes higher on record Q4 performance
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd and Whispir Ltd. 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.
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