The Life360 Inc (ASX: 360) share price is heading northwards along with the broader ASX tech sector this morning.
At the time of writing, the Life360 share price is $3.03, up 4.12%. A little earlier, it hit $3.11 — a 6.87% gain on yesterday’s closing price of $2.91.
There is no news out of the location technology company this morning. However, the tech sector is the best performer on the ASX so far today.
ASX tech share prices are up 1.26% in early trading on Tuesday.
What’s pushing the Life360 share price higher?
Today’s rise is likely to do with the technology sector performing well overall.
However, as fellow Fool James reported on Saturday, Life360 is a top pick for one broker.
Bell Potter rates Life360 shares highly despite the company not yet making a profit.
As James reported: “[Bell Potter] feels investors should look beyond this due to its explosive growth, strong balance sheet, and expectation to be cash flow positive next year.”
Bell Potter commented:
Life360 develops and delivers a mobile app for families â called Life360 â that provides communications, driving safety and location sharing. The company adopts a freemium model to attract customers but has been successfully converting a portion of these customers to paying subscribers over the last several years by providing valuable features.
The company has also recently made two acquisitions â Jiobit and Tile â so that now it not only connects and protects people but also pets and things. Yes Life360 is currently not profitable but is expected to be operating cash flow positive from 4Q2023 and has more than sufficient cash to fund its operations till then.
Bell Potter has a buy rating and a $7.50 target on the Life360 share price.
Taking into account the current 4.12% share price rise, that’s a potential 147% upside for Life360 shareholders.
The post Why is the Life360 share price jumping 7% today? appeared first on The Motley Fool Australia.
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More reading
- Broker names 3 of the best ASX tech share to buy in FY23
- Why are ASX tech shares struggling today?
- Why is the Life360 share price sinking 9% today?
- ASX 200 midday update: Tech shares tumble, Collins Foods jumps
- Why I think these two ASX shares could turn $5,000 into $100,000
Motley Fool contributor Bronwyn Allen 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 Life360, Inc. 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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