The Wisr Ltd (ASX: WZR) share price is trading slightly higher on Friday after the company released an upbeat first-quarter trading update.
At the time of writing, the Wisr share price is up 1.79% to 28.5 cents.
Wisr hits another quarter of growth
Wisr was pleased to deliver its 21st consecutive quarter of loan growth, originating $132 million of new loans in the September quarter. That’s up 113% on 1Q21.
Similarly, the Wisr Warehouse Loan Book balance surged 239% against the prior corresponding period to $451 million.
The company’s total loan originations sat at $743 million as of 30 September. That is up 142% compared to a year ago.
The company believes it’s well-positioned to continue its strong growth trajectory. It is also confident it can reach its medium-term goal of a wholly owned $1 billion loan book.
Management commentary
Speaking on the milestone that’s possibly driving the Wisr share price today, CEO Anthony Nantes said:
Twenty-one straight quarters of new loan growth is a fantastic achievement. Looking to the next quarter and beyond into H2, there is such a massive runway of growth ahead of us in the markets of auto finance and personal loans as lockdown restrictions start to lift; consumer demand will only grow. Combined with our new $225 million Wisr Secured Vehicle Warehouse coming into effect in Q2 FY22, we’re in an incredibly strong position to continue to deliver sustained growth.
A range-bound Wisr share price
The Wisr share price has largely been range-bound ever since its $50 million capital raising back in June.
New shares under the placement were offered at 25 cents. That’s a massive 21.9% discount to Wisr’s last closing price before the capital raising.
Not only were institutional investors offered a significant discount, but the raise itself represented 18.2% of the company’s existing shares on issue.
The Wisr share price has since tested lows of around 25 cents, but struggled to hold above 31 cents.
The post Wisr (ASX:WZR) share price edges higher on another record quarterly result appeared first on The Motley Fool Australia.
Should you invest $1,000 in Wisr right now?
Before you consider Wisr, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Wisr wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
More reading
- De Grey Mining (ASX:DEG) share price sinks 9% after raising $125m
- Laybuy (ASX:LBY) share price surges 14% on record quarterly
- Humm (ASX:HUM) share price edges higher on first quarter results
- 3 reasons why the Magellan (ASX:MFG) share price could be a buy
- Aurizon (ASX:AZJ) share price rises amid transformative $2.35bn acquisition
Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3m4Ar22
Leave a Reply