The Australian share market was on form on Friday and raced notably higher.
While the majority of shares on the market climbed higher, some stood out by storming to new highs.
Here’s why these ASX shares are flying high right now:
Mach7 Technologies Ltd (ASX: M7T)
The Mach7 share price jumped to a multi-year high of $1.01 at the end of last week. Investors have been buying the medical imaging data management solutions provider’s shares this month following the announcement of a major acquisition. Earlier this month Mach7 announced the acquisition of leading provider of an enterprise image viewing technology, Client Outlook. This acquisition has expanded its offering and increased its total addressable market from US$0.75 billion to US$2.75 billion. This is materially more than the revenue of $9.1 million it recorded during the first half.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price hit a new record high of $1.68 last week. When the meal kit delivery company’s shares hit that level, it meant they were up a remarkable 500% year to date. Investors have been buying Marley Spoon’s shares after it reported a surge in demand for its meal kits. This led to the company delivering revenue of 42.8 million euros in the first quarter, up 46% on the prior corresponding period. As a result of this stronger than expected growth, the company revealed that its path to profitability is accelerating. Management is expecting to achieve positive operating EBITDA the second quarter.
ResMed Inc. (ASX: RMD)
The ResMed share price charged to a record high of $27.28 on Friday. The medical device company’s shares have been very strong performers this year thanks to the robust demand it is experiencing for its obstructive sleep apnoea solutions and ventilators. The latter is being driven by the pandemic. And given how case numbers continue to shoot higher in the United States, investors appear to be betting on ResMed having a particularly strong fourth quarter.
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More reading
- 3 ASX shares to own for the next 10 years
- 10 high quality ASX shares to buy in FY 2021
- How I would construct a $50,000 growth portfolio
- 2 ASX shares to ride out a second wave of coronavirus
- Consider these 3 quality ASX healthcare shares to buy now
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of MACH7 FPO. The Motley Fool Australia has recommended MACH7 FPO and ResMed Inc. 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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