Why Life360, Evolution Mining, Magnetic Mining, and Zip shares are rising today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.3% to 7,755.8 points.

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

Life360 Inc (ASX: 360)

The Life360 share price is up 4.5% to $11.89. Investors have been buying this location technology company’s shares this week after brokers responded positively to its FY 2023 results release. For example, Goldman Sachs reiterated its buy rating with an improved price target of $14.20. This implies further upside of almost 20%.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is up 2% to $3.27. Investors have been buying Evolution and other ASX gold shares again today after the price of the precious metal hit a new record high. Traders were bidding the gold price higher overnight on rate cut optimism. In other news, the gold miner reported some insider buying this morning.

Magnetic Resources NL (ASX: MAU)

The Magnetic Resources share price is up 12% to $1.09. This follows the release of the pre-feasibility study of the 100% owned Lady Julie Gold Project in Western Australia. The study confirms that Lady Julie is a financially robust project with low-cost, high margin gold production of 720,000 ounces over a nine-year life of mine.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 10% to $1.29. Investors have been buying this payments company’s shares after it was the subject of a bullish broker note out of UBS. According to the note, the broker has upgraded Zip’s shares to a buy rating with a $1.43 price target. UBS has been impressed with the company’s performance in the US. Its previous rating was neutral with a lowly 36 cents price target.

The post Why Life360, Evolution Mining, Magnetic Mining, and Zip shares are rising today appeared first on The Motley Fool Australia.

(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

• Zip share price up 58% in 7 trading days! What’s going on?
• Why DroneShield, Magellan, Platinum, and Zip shares are rising today
• Is it too late to join the booming ASX gold rush?
• 5 things to watch on the ASX 200 on Wednesday
• The gold price just reached its highest level ever: Which miners are buys?

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360 and Zip Co. 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.

from The Motley Fool Australia https://ift.tt/J3EG56v