Why is the Life360 share price soaring 12% today?

It’s turning out to be a positive end to the trading week for the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 has added a healthy 0.59% at just under 6,700 points.

But a few ASX tech shares are doing far better. One is the Life360 Inc (ASX: 360) share price.

Life360 shares are on fire today. The software company has gained an impressive 13.22% so far today at $4.11 a share after closing at $3.63 yesterday. Not only that, but earlier this morning, the company rose as high as $4.14 a share, which was a rise of more than 14%. That makes Life360 the best performer on the entire ASX 200 index so far this Friday.

Life360 is now up an impressive 69% since hitting a new 52-week low of $2.41 back on 23 June. However, the company is still down by almost 58% year to date in 2022 thus far.

So what could be causing such a decisive move higher for Life360?

Why has the Life360 share price shot higher today?

Well, it’s entirely unclear exactly what is sparking this rocketing share price. There has been no news or announcements out of the company itself today.

However, we did see some very strong moves in the tech space over on the US markets last night (our time). The tech-heavy NASDAQ-100 (INDEXNASDAQ: NDX) index rose by 2.16% last night.

But we saw many prominent US tech shares shoot up by more than that. Alphabet Inc (NASDAQ: GOOGL)(NASDAQ: GOOGL) shot up 3.68%, while Shopify Inc (NYSE: SHOP) was up almost 7%. Coinbase Global Inc (NASDAQ: COIN) shares rose 11.12%.

So perhaps Life360’s impressive performance was prompted by these moves on the US markets overnight.

Whatever, the reason for today’s moves, no doubt there are a lot of happy Life360 shareholders out there today.

At the current Life360 share price, this ASX 200 tech share has a market capitalisation of $760 million.

The post Why is the Life360 share price soaring 12% today? appeared first on The Motley Fool Australia.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Alphabet (A shares), Shopify and Coinbase Global, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Coinbase Global, Inc., Life360, Inc., and Shopify. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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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