Strong performing ASX tech shares came few and far between in November. The S&P/ASX All Technology Index (ASX: XTX) was up 4.59%. This compares to the 9.5% rise from the S&P/ASX 200 Index (ASX: XJO). Despite a weaker tech sector, here are the hidden gems that performed the best.
3 ASX tech shares that outperformed last month
Betmakers Technology Group Ltd (ASX: BET)
The Betmakers share price soared more than 60% last month to hit a record all-time high of 70 cents. The only market sensitive news to come out of this ASX tech share in November was the approval for its fixed odds pilot program by the New Jersey Racing Commission.
The United States sports betting sector continues to develop in favour of bookmakers with the recent legalisation of sports betting in Maryland, Louisiana and South Dakota. This brings the count of legalised states to more than 20.
In the Betmakers Virtual Tech Forum on 22 October, the company identified the US racing industry as a key market where operators will need a racing solution to fit alongside their sports offerings. The company advised it has made a number of key hires in FY21 to ensure it is well positioned to capitalise on the unique deals and is able to continue delivering new opportunities to the market.
Pointerra Ltd (ASX: 3DP)
The Pointerra share price is eyeing previous highs after its shares rocketed more than 67% last month to 52 cents. Pointerra provides geospatial services, similar to those of Nearmap Ltd (ASX: NEA), but more focused on data, as opposed to high quality aerial imagery.
The company provided an enterprise sales and annual contract value (ACV) update on 26 November. This update highlighted an 18% increase in ACV to US$5.82 million in the 40 days since ACV was last reported.
Dubber Corp Ltd (ASX: DUB)
The Dubber share price went from strength to strength in November following the completion of the company’s capital raising back in October and a series of positive announcements.
On 21 October, Dubber announced the global launch of its Unified Recording on Microsoft Corporation‘s (NASDAQ: MSFT) Teams, supported by a new and tailored global channel partner and reseller program. This allows Teams customers to automate voice recording at scale from any device with no need for hardware.
On 6 November, the ASX tech share announced that it had been chosen as the recording and data capture platform for IBM (NYSE: IBM) Cloud for Telecommunications. The revenue from this partnership will depend on the take-up of the service.
The Dubber share price ran more than 40% in November and is now within 5% of its previous record all-time high set in June 2019.
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Returns as of 6th October 2020
More reading
- Pointerra (ASX:3DP) share price falls 6% despite positive update
- Dubber (ASX:DUB) share price shoots up 14%, nears 52-week high
- The Dubber (ASX:DUB) share price is up 60% in two months
- Why the Dubber Corp (ASX:DUB) share price is surging today
- Why are ASX tech shares all over the place today?
Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Lina Lim 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 Microsoft. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and Pointerra Limited and recommends the following options: short January 2021 $115 calls on Microsoft and long January 2021 $85 calls on Microsoft. The Motley Fool Australia has recommended Nearmap Ltd. and Pointerra Limited. 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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