Why Appen, Megaport, Mirvac, and Pilbara Minerals shares are pushing higher today

A man clenches his fists in excitement as gold coins fall from the sky.

A man clenches his fists in excitement as gold coins fall from the sky.

The S&P/ASX 200 Index (ASX: XJO) is on track to finish the week on a mildly positive note. In afternoon trade, the benchmark index is up 0.1% to 7,298.4 points.

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

Appen Ltd (ASX: APX)

The Appen share price is up over 4% to $3.12. This may have been driven by news that one of its largest tech customers has returned to form during the last quarter. Investors may believe that this bodes well for demand for Appen’s artificial intelligence data services.

Megaport Ltd (ASX: MP1)

The Megaport share price has rocketed 38% to $5.50. A short squeeze appears to have occurred on Friday after this network services company released a better than expected to quarterly update. Total quarterly revenue was up 38% year-on-year to $38.1 million and EBITDA swung from a loss of $12.1 million to positive $7.2 million. Management is guiding to more of the same in FY 2023 and FY 2024.

Mirvac Group (ASX: MGR)

The Mirvac share price is up 4% to $2.42. This follows the release of an operational and trading update from the property company. Mirvac has downgraded its earnings per share guidance slightly for FY 2023 due to delayed settlement timelines. However, investors appear to have been willing to overlook this after management provided upbeat commentary on its outlook.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 5% to $4.16. Investors have been buying this lithium miner’s shares despite its third-quarter update falling short of expectations. Though, it is worth noting that most ASX lithium shares are pushing higher today following a solid night for the US-listed counterparts.

The post Why Appen, Megaport, Mirvac, and Pilbara Minerals shares are pushing higher today 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 Appen and Megaport. The Motley Fool Australia has recommended Megaport. 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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