The Telstra (ASX:TLS) share price has already hit multiple 52-week highs this year. What’s happening?

A male ASX investor sits cross-legged with a laptop computer in his lap with a slightly crazed, happy, excited look on his face while next to him a graphic of a rocket shoots upwards with graphics of stars scattered around itA male ASX investor sits cross-legged with a laptop computer in his lap with a slightly crazed, happy, excited look on his face while next to him a graphic of a rocket shoots upwards with graphics of stars scattered around itA male ASX investor sits cross-legged with a laptop computer in his lap with a slightly crazed, happy, excited look on his face while next to him a graphic of a rocket shoots upwards with graphics of stars scattered around it

Key points

  • The Telstra share price has hit 3 52-week highs so far this year
  • The stock is currently trading for 1.4% more than it was at the end of 2021
  • Its gains have come despite its home sector’s struggles

The Telstra Corporation Ltd (ASX: TLS) share price has had a strong start time to 2022.

Since the year began, it’s hit its 52-week high 3 times, pushing it higher on 2 occasions.

Excitingly, the Telstra share price reached a new 52-week high of $4.28 today.

Though, at the time of writing, it has slipped slightly lower to trade at $4.24, still representing a 0.47% gain.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.92% right now.

What’s going on with the Telstra share price in 2022?

The Telstra share price is in the green for this year so far. Not to mention, its stock has been flying off the shelves.

Of the 8 trading sessions of the year so far – not including today’s –Telstra has featured in The Motley Fool Australia’s daily breakdown of the most traded ASX 200 shares 5 times.

On top of that, the telecommunication giant’s shares have been significantly outperforming its sector.

Since the final close of 2021, the S&P/ASX 200 Communication Index (ASX: XTJ) has slipped 2%. Its biggest weights include Domain Holdings Australia Ltd (ASX: DHG) and SEEK Limited (ASX: SEK).

Meanwhile, Telstra’s fellow ASX 200 telecommunication provider TPG Telecom Ltd (ASX: TPG) has seen its stock gain 9%. Though, that of its smaller peer Aussie Broadband Ltd (ASX: ABB) has tumbled 4%.

While there’s been no price-sensitive news from Telstra in January, brokers remain bullish on its share price.

As The Motley Fool Australia has previously reported, Ord Minnett and Morgans both believe the company is worth investing in. They’ve slapped it with price targets of $4.85 and $4.55 respectively.

The post The Telstra (ASX:TLS) share price has already hit multiple 52-week highs this year. What’s happening? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Telstra right now?

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More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Aussie Broadband Limited. The Motley Fool Australia owns and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Aussie Broadband Limited, SEEK Limited, and TPG Telecom Limited. 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/3fkYJRd

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