Why is the Adore Beauty share price up 22% this week?

A happy beautiful woman with curly brown hair and wearing bright red lipstick smiles representing the soaring Adore Beauty share price today

A happy beautiful woman with curly brown hair and wearing bright red lipstick smiles representing the soaring Adore Beauty share price today

The Adore Beauty Group Ltd (ASX: ABY) share price is having another strong day on Thursday.

In afternoon trade, the online beauty retailer’s shares are up 8% to $1.21.

This means that Adore Beauty’s shares are now up an impressive 22% this week.

What’s going on with the Adore Beauty share price this week?

Investors have been snapping up the company’s 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.

Should you invest $1,000 in Adore Beauty Group Ltd right now?

Before you consider Adore Beauty Group Ltd, 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 Adore Beauty Group Ltd wasn’t one of them.

The online investing service he’s run for over 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.

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

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.

from The Motley Fool Australia https://ift.tt/dvDpl7e

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s