Are these ASX shares a buy, hold or sell after rocketing to record highs last week?

The S&P/ASX 200 Index (ASX: XJO) dipped again last week, dropping close to 0.7%. 

However there were pockets of the market that enjoyed strong runs. 

Three such ASX shares that soared to record highs last week were: 

• Weebit Nano Ltd (ASX: WBT)
• Cobram Estate Olives Ltd (ASX: CBO)
• Tasmea Ltd (ASX: TEA)

Here’s what drove the strong performance and what experts are tipping for these high-performing ASX shares. 

Weebit Nano continues strong year

Weebit Nano develops and commercialises silicon oxide and Resistive Random-Access Memory technology. Its products are used in various applications, such as in computers, consumer electronics, smartphones, tablets, enterprise storage, automotive infotainment and navigation systems, healthcare, wearables and IOT.

Last week, it gained 20% on Thursday, followed by an 11% gain on Friday. 

Its share price has now risen more than 270% in the last year and now sits at an all time high.

Last week’s rise came after the company announced it had raised another $15 million and a new major shareholder emerged.

The company told the ASX that its share purchase plan, priced at $4.05 a share, had raised additional funds, taking the total capital raised, including an institutional placement to $102 million.

These ASX shares ultimately closed last week at $6.80 per share, however broker estimates (via TradingView) see a further 12% upside for this ASX technology stock.

Cobram Estates hits fresh 52-week highs

Cobram Estates produces and markets premium quality extra virgin olive oil. It owns two Australian brands, Cobram Estate and Red Island, which account for about half of the olive oil market share in Australian supermarkets by value.

It closed last Friday at a new 52-week high following a 2% gain. 

It is now up more than 100% over the last 12 months. 

Cobram has surged due to its profit jumping sharply on the back of record olive harvests, high global olive oil prices, and strong earnings guidance. 

Investors have also become more optimistic about the company’s long-term growth story, particularly its expanding US operations and premium olive oil branding.

Despite these tailwinds, estimates from experts (via TradingView) indicate it is currently close to fully valued. 

Growth continues for Tasmea

Tasmea s a skilled services company. It provides essential maintenance, engineering, and specialised project services and solutions across the following four service streams to the mining and resources; oil and gas; waste and water; power and renewable energy; and defence and infrastructure industries.

It has been a steady climb for this ASX industrials stock over the last year. It is now up 121% in that span after gaining another 2% last Friday. 

According to trading view, 4 analysts offering a one year price target have an average forecast of $5.63 on these ASX shares. 

This target is 8% higher than the current share price.

The post Are these ASX shares a buy, hold or sell after rocketing to record highs last week? appeared first on The Motley Fool Australia.

More reading

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• Up 211% in a year, why are Weebit Nano shares rocketing another 12% today?
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• Nervous investors turn to ASX 200 defensives as global energy shock drags on
• While the market worried about war and AI, these 2 ASX small caps kept climbing

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.