The Betmakers Technology Group Ltd (ASX: BET) share price is launching higher on Tuesday despite the company’s silence.
In fact, the market hasn’t heard word from the betting technology developer and distributor since February.
Still, the Betmakers share price is up 5.88% at the time of writing, trading at 63 cents.
Though, at its intraday high of 64.5 cents, the stock was boasting an 8.4% gain.
For context, the broader market is also up in the green today, though, not to the same extent.
Right now, the All Ordinaries Index (ASX: XAO) is up 0.6% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.58%.
Let’s take a closer look at how Betmakers, and its peers, are performing on Tuesday.
What’s driving the BetMakers share price today?
The Betmakers share price is taking off on Tuesday, while many of its consumer discretionary peers struggle.
The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is currently underperforming the broader market, gaining just 0.14%.
However, the betting technology company’s gain might be a continuation of last week’s rebound.
Over the first 12 days of April, Betmakers’ stock slumped 12.5%. Though, it managed to regain 7.1% over the course of Wednesday and Thursday last week. It’s still 3% lower than it was this time last month.
Additionally, Betmakers’ short position has improved ever so slightly. According to the latest data from ASIC, 12.5% of its shares were in the hands of short-sellers last week. That’s down from 12.6% on 7 April.
The post The Betmakers share price is surging 6% on Tuesday. Could this be why? appeared first on The Motley Fool Australia.
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More reading
- These are the 10 most shorted ASX shares
- These are the 10 most shorted ASX shares
- These are the 10 most shorted ASX shares
- Why is the Betmakers (ASX:BET) share price having such a lousy week?
- These are the 10 most shorted ASX shares
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 Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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