The Adore Beauty Group Ltd (ASX: ABY) share price is having another strong day on Thursday.
In afternoon trade, the online beauty retailerâs shares are up 8% to $1.21.
This means that Adore Beauty’s shares are now up an impressive 22% this week.
Whatâs going on with the Adore Beauty share price this week?
Investors have been snapping up the companyâs shares despite there being no real news out of it since April.
However, it is worth highlighting that a number of beaten down loss-making tech shares have been rebounding strongly this week.
Investors appear to believe that they have finally bottomed after falling heavily since the turn of the year.
For example, even after rising 22% this week, Adore Beauty’s shares are still down a very disappointing 70% since the start of the year.
Can it keep rising?
As I mentioned here yesterday, Morgan Stanley remains very positive on the company and sees scope for its shares to climb materially from where they trade today.
The broker currently has an overweight rating and $1.90 price target on its shares.
Based on the current Adore Beauty share price, this implies potential upside of 57% for investors over the next 12 months.
The post Why is the Adore Beauty share price up 22% this week? appeared first on The Motley Fool Australia.
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More reading
- Analysts name 3 exciting small cap ASX shares with major upside potential
- Up 16%: The Adore Beauty share price is soaring higher
- Why did the Adore Beauty share price sink over 70% in FY22?
- Why the Adore Beauty share price fell another 20% in June
- Why I think the Adore Beauty share price is a great buy today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited. 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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