Why Alcidion, Betmakers, BrainChip, and Zip shares are racing higher

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up a fraction to 6,810.2 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Alcidion Group Ltd (ASX: ALC)

The Alcidion share price is up 15% to 15.5 cents. Investors have been buying this healthcare technology company’s shares after it reported a record performance during the fourth quarter. This led to FY 2022 revenue coming in at $34 million, up 31% year on year. Also getting investors excited was the company reporting positive fourth-quarter operating cash flow of $3.3 million.

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers share price is up 2.5% to 49.7 cents. The catalyst for this was the release of the betting technology company’s fourth quarter and full year update. For the 12 months, Betmakers reported cash receipts of $26.2 million. This was a massive 194% increase on the prior corresponding period.

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price is up 2.5% to $1.19. This follows the release of the semiconductor company’s quarterly update. Although the company reported second quarter cash receipts of just US$1.2 million, that hasn’t stopped investors driving its market capitalisation to the $2 billion mark today.

Zip Co Ltd (ASX: ZIP)

The Zip share price is on form again and up a further 7% to $1.10. Investors have been buying the buy now pay later (BNPL) provider’s shares this week despite there being no news out of it. Though, Zip isn’t alone in experiencing some investor love. Fellow beaten down BNPL share Sezzle Inc (ASX: SZL) is also rocketing higher on no news.

The post Why Alcidion, Betmakers, BrainChip, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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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 positions in and has recommended Alcidion Group Ltd, Betmakers Technology Group Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has recommended Alcidion Group Ltd and Betmakers Technology Group Ltd. 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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