The Kogan.com Ltd (ASX: KGN) share price is trading up more than 5% at $5.64, after hitting an intraday high of $5.76.
Kogan shares have been punished hard in the last 12 months, trading around their 52-week lows last month.
However, in the past month, Kogan has gained 7% and is now up another 4.3% in the previous week.
What’s up with Kogan shares?
Markets have staged a comeback in March as more clarity around inflation and interest rates has emerged.
Not only that, but COVID-19 restrictions have all but wound back while financials and commodity shares prop up the broader market.
However, amid the comeback, there’s been a rotation back to more growth-oriented shares like Kogan, even as the yields on long-dated bonds continue to spike.
Typically, rising yields on long-dated bonds hurt the valuations of growth-type shares.
However, investors have piled back into Kogan, bolstering its share price during the last two weeks of trade.
Kogan has also tracked remarkably close to the S&P/ASX All Technology index (ASX: XTX) during the last three months. As the index has staged a comeback, so too has Kogan.
The sector itself has stumbled hard in 2022 but is starting to regain as nerves settle in equity markets.
Aside from that, market pundits don’t appear to have any other reason to be bidding up the Kogan share price lately.
Quick summary on the Kogan share price
During the last 12 months, the Kogan shares price has collapsed 55% and is down another 35% this year to date.
Despite recent gains, the company’s shares are well behind the performance of the broad market.
The post Up 8% in a month, are Kogan (ASX:KGN) shares staging a comeback rally? appeared first on The Motley Fool Australia.
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- On fire! Why is the Kogan (ASX:KGN) share price up 8% right now?
- These are the 10 most shorted ASX shares
Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Kogan.com ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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