The Australian share market was on form on Wednesday and stormed notably higher.
While the majority of shares on the market pushed higher with the market, a few shares climbed so much they hit 52-week highs or better.
Here’s why these ASX shares just scaled to new heights:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price was on form again on Wednesday and stormed to a record high of $1.30. Investors have been fighting to get hold of the AI-powered sales enablement automation platform provider’s shares since the release of its full year results last month. In FY 2020, Bigtincan reported revenue growth of 56% to $31 million and annualised recurring revenue (ARR) growth of 53% to $35.8 million. The good news is that more of the same is expected in FY 2021. Management provided ARR growth guidance of 36.9% to 48% year on year.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price rocketed an incredible 58% higher to a record high of 49 cents on Wednesday. Investors were buying the artificial intelligence technology company’s shares after it announced a collaboration with VORAGO Technologies. This collaboration is intended to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements. Brainchip notes that its Akida neuromorphic processor is uniquely suited for spaceflight and aerospace applications. The device is a complete neural processor and does not require an external CPU, memory or Deep Learning Accelerator.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price continued its positive run and stormed to a 52-week high of $3.74. The catalyst for this was the release of its half year results on Friday of last week. For the six months ended 28 June 2020, the horticulture company posted revenue of $612.4 million. This was an increase of 6.8% on the prior corresponding period. And on the bottom line, Costa delivered a 12% in net profit after tax to $45.8 million. This was driven by a very strong performance from its international business. Investors appear to believe that Costa is finally over the worst of its issues now.
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More reading
- Why Brainchip, De Grey Mining, Nufarm, & Pointsbet shares are storming higher
- Brainchip share price rockets 30% higher on NASA program collaboration
- 3 exciting ASX small caps to put on your watchlist
- Zip and Brainchip were among the most traded shares on the ASX last week
- Top ASX Stock Picks for September 2020
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO and COSTA GRP FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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