Why DroneShield, Magellan, Platinum, and Zip shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Wednesday. In afternoon trade, the benchmark index is down 0.25% to 7,705.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

DroneShield Ltd (ASX: DRO)

The DroneShield share price is up 3.5% to 71 cents. Investors have been buying the counter drone technology company’s shares this week after Bell Potter upgraded them to a buy rating with a 90 cents price target. It made the move on valuation grounds following a sharp pullback this month.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 8.5% to $9.26. This follows the release of the fund manager’s latest funds under management (FUM) update. Magellan reported a 2.5% month on month increase in FUM to $37.2 billion. This was despite recording net outflows of $200 million for the period.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is up 2% to $1.20. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has taken its sell rating off its shares and upgraded them to a hold with an improved price target of $1.13 (from 84 cents). Bell Potter was pleased with an update from the fund manager’s new CEO, which addressed many of its concerns.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 7% to $1.20. This is despite there being no news out of the payments company today. However, it is worth noting that its shares have been on fire recently thanks to a much-improved operational performance. So much so, the Zip share price is up almost 300% in the space of six months.

The post Why DroneShield, Magellan, Platinum, and Zip shares are rising today appeared first on The Motley Fool Australia.

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More reading

• 2 ASX shares with attractive ‘risk-reward’ balance to buy right now
• Why DroneShield, Healius, Newmont, and Paragon Care shares are pushing higher
• Why this leading broker just upgraded DroneShield shares
• Will I be buying Zip shares now the company has turned a profit?
• Why this ASX 300 share is leaping 14% despite being branded a ‘sell’

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 DroneShield 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.

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