2 ASX All Ords stocks rocketing over 7% on strong results

Rocket powering up and symbolising a rising share price.Rocket powering up and symbolising a rising share price.

The All Ordinaries Index (ASX: XAO) is in the green today, gaining 0.49% to trade at 7,455.9 points, helped along by these stocks.

They’re each gaining more than 7% on the back of strong first-half earnings. Let’s take a look at what’s got the market bidding them sky-high today.

2 ASX All Ords stocks outperforming on earnings releases

Stock in All Ords neuroscience technology company CogState Limited (ASX: CGS) is roaring 12% higher this afternoon to trade at $1.58 following the release of the company’s first-half earnings.

The company’s latest results were impacted by revenue delays. It posted US$19.5 million of revenue – down 15.6% on that of the prior comparable period (pcp).

That’s expected to improve in the second half. Though, its full-year revenue is still forecast to come in 6% to 9% lower than that of financial year 2022 amid slower-than-expected trial enrolments.

Beyond its earnings, CogState also announced a $13 million on-market share buyback to be conducted within the next 12 months.

It’s also worth mentioning the CogState share price’s recent tumbles. It’s dropped 49% over the three sessions prior to today’s after a guidance update was released on Thursday.

Joining the All Ords stock in the green is peer MoneyMe Ltd (ASX: MME). Shares in the digital consumer credit business are soaring 7.5% at the time of writing, trading at 21.5 cents.

The financials company posted a 147% jump in net profit after tax (NPAT) for the first half – reaching $9 million. That’s the first time it’s posted a profit since financial year 2020.

It responded to rising rates, recessionary concerns, and tightening capital markets last half. To do so, it moderated growth, lowered operating costs, managed credit risk, raised capital, and reset its corporate debt funding arrangements.

Meanwhile, its gross revenue lifted 152% to $121 million. It expects that to come in above $220 million for the entirety of financial year 2023.

The post 2 ASX All Ords stocks rocketing over 7% on strong results appeared first on The Motley Fool Australia.

FREE Guide for New Investors

Despite what some people may say – we believe investing in shares doesn’t have to be overwhelming or complicated…

For over a decade, we’ve been helping everyday Aussies get started on their journey.

And to help even more people cut through some of the confusion “experts’” seem to want to perpetuate – we’ve created a brand-new “how to” guide.

Yes, Claim my FREE copy!
*Returns as of February 1 2023

(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(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

Motley Fool contributor Brooke Cooper 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 Cogstate. The Motley Fool Australia has positions in and has recommended Cogstate. 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/XU8Yvky

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