The S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a strong gain. In afternoon trade, the benchmark index is up 1.6% to 6,781.8 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are storming higher:
Life360 Inc (ASX: 360)
The Life360 share price is up over 12% to $7.10. This appears to have been driven by a positive reaction to its price increases from brokers. One of those was Bell Potter, which has retained its buy rating and lifted its price target to $9.25. The broker believes that Life360âs price increases could lead to it becoming EBITDA profitable a year earlier than expected in 2023.
Novonix Ltd (ASX: NVX)
The Novonix share price is up a massive 27% to $2.81. The catalyst for this could have been a broker note out of Morgans this morning. According to the note, the broker has upgraded the battery materials and technology companyâs shares to a speculative buy rating with an improved price target of $3.11. This follows the announcement of major US government funding last week.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up over 6% to $5.39. This morning the lithium miner revealed that it has sold another 5000 tonnes cargo of spodumene. The good news is that Pilbara Minerals received a price even higher than what it commanded last week from its latest BMX auction.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up over 13% to $6.85. Investors have been buying this lithium developerâs shares after it produced the highest grade, lowest impurity lithium hydroxide to date from its pilot plant. Management notes that the latest material produced graded 57.1% LiOH, which exceeds the best-on-the-market battery grade specification of 56.5% LiOH required from offtake customers.
The post Why Life360, Novonix, Pilbara Minerals, and Vulcan shares are storming higher today appeared first on The Motley Fool Australia.
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More reading
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Leading brokers name 3 ASX shares to buy today
- 4 ASX lithium shares surging more than 10% today
- Why is the Novonix share price surging 16% higher today?
- Here’s why the Pilbara Minerals share price is charging higher on Monday
Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. 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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