Category: Stock Market

S&P/ASX 200 Index (ASX: XJO) shares had a wobbly start to today’s session before steadying in the green this afternoon. The index closed 0.52% higher at 6,794.30 points.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) led the way today, gaining more than 3%.

It was driven higher by Link Administration Holdings Ltd (ASX: LNK)’s recommended $4.81 per share takeover bid and the surging Novonix Ltd (ASX: NVX) share price.

On the other end of the spectrum was the S&P/ASX 200 Energy Index (ASX: XEJ). It slumped almost 3% amid falling oil prices and results from some of the sector’s biggest players.

Shares in both Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) slipped despite the companies posting seemingly strong earnings for the June quarter. Readers can find Santos’ latest earnings here and Woodside’s here.

The Brent crude oil price fell 0.4% to US$106.92 a barrel overnight, while the US Nymex crude price dropped 1.9% to US$102.26 a barrel.

All in all, seven of the ASX 200’s 11 sectors were in the green at market close. But which shares posted the biggest gains? Keep reading to find out.

Top 10 ASX shares countdown

And the top-performing share in the ASX’s 200 biggest companies by market capitalisation is, of course, Link Administration.

Coming in second best is Liontown Resources Limited (ASX: LTR). The company’s share price has been on a roll lately, gaining around 26% over the last 30 days. Find out what the lithium stock has been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Link Administration Holdings Ltd (ASX: LNK)	$4.46	12.63%
Liontown Resources Limited (ASX: LTR)	$1.24	11.21%
Latitude Group Holdings Ltd (ASX: LFS)	$1.70	7.59%
Chalice Mining Ltd (ASX: CHN)	$4.38	6.83%
Block Inc (ASX: SQ2)	$107.03	6.71%
Core Lithium Ltd (ASX: CXO)	$1.07	6.50%
Iluka Resources Limited (ASX: ILU)	$9.78	5.84%
Pro Medicus Ltd (ASX: PME)	$51.17	5.68%
ALS Ltd (ASX: ALQ)	$11.20	5.16%
REA Group Ltd (ASX: REA)	$127.74	5.03%

Data as at 4.30pm AEST.

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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More reading

• Got $1,000? You can buy 85 Treasury Wine shares… or one bottle of Penfolds Grange!
• Why has the Pro Medicus share price surged 32% in a month?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• 3 ASX All Ordinaries shares going great guns on Thursday
• 3 ASX 200 tech shares having a stellar session today

Motley Fool contributor Brooke Cooper 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 Block, Inc., Link Administration Holdings Ltd, and Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Block, Inc. and Pro Medicus Ltd. The Motley Fool Australia has recommended REA Group Limited. 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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The Treasury Wine Estates Ltd (ASX: TWE) share price rose by 0.86% to finish the session at $11.70 today.

That’s a little better than the performance of the S&P/ASX 200 Index (ASX: XJO), which, after a volatile session, finished the day up 0.5%.

The current Treasury Wine share price means that if an investor had $1,000 to drop, they’d be able to nab themselves 85 shares, with some change left over.

But that same $1,000 would also get that investor just one bottle of Treasury’s flagship top-shelf wine – Penfolds Grange.

According to reporting in the Australian Financial Review (AFR), Treasury has just released the pricing for its latest Grange range.

The 2018 vintage is scheduled to be available to purchase from 4 August. But this is the first bottle of Grange that will be sold out of the gate with a four-figure price tag.

One bottle of Grange or 85 Treasury shares?

Vintage bottles of Grange have been known to sell for tens of thousands of dollars. One even undid a New South Wales premier a few years ago. But this value usually only comes with the benefit of hindsight, and years of ageing.

Penfolds’ 2016 and 2017 Grange vintages reportedly came with a price tag of $950. But Treasury has upped its pricing this year.

Perhaps this is due to inflation. After all, we have seen the highest inflation figures for decades over this year so far for the Australian economy.

But perhaps Treasury Wine is just upping its prices because, well, it can. Penfolds managing director Tom King did tell the AFR this:

It’s clear consumers continue to have a strong appetite for premium and luxury wines, with a shift over the last couple of years of buying less, but more expensive wine … We see increasing demand for Penfolds luxury wines in all markets around the world.

Either way, it’s certainly good news for the company, and for investors by extension. Wine lovers? Less so.

Treasury Wine share price snapshot

The Treasury Wine share price has struggled in recent years. The company remains down 6.4% in 2022 thus far, as well as down 1.9% over the past 12 months.

Treasury shares have also recorded a five-year loss of almost 8% on current pricing.

At the current price, this ASX 200 consumer staples share has a market capitalisation of $8.43 billion with a dividend yield of 2.4%.

The post Got $1,000? You can buy 85 Treasury Wine shares… or one bottle of Penfolds Grange! appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX shares today
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• RBA in the spotlight; and Westpac hikes fixed rates. Scott Phillips on Nine’s Late News
• ASX 200 midday update: ANZ’s capital raising, Link jumps, Zip’s Q4 update
• Here’s why Macquarie thinks these 2 ASX 200 shares can outperform

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Treasury Wine Estates Limited. 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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The Pro Medicus Limited (ASX: PME) share price has been surging higher in recent weeks. It closed 5.7% higher at $51.17 on Thursday and is now up 32% in a month.

This year has been a volatile one for the ASX healthcare share. It climbed above $66 earlier in the year before falling below $38 in mid-June. But it has been going upwards since then.

The company may have partly gone up as part of a broader recovery along with many other ASX growth shares. For example, the Xero Limited (ASX: XRO) share price has risen 18% over the past month and the REA Group Limited (ASX: REA) share price has soared by around 23%. The S&P/ASX 200 Index (ASX: XJO) is up by more than 4% over the same timeframe.

But, the rise that Pro Medicus has experienced only recovers some of the lost ground — the current price represents a fall of around 19% this year to date.

Contract wins

Pro Medicus announced in mid-June that its Visage Imaging business had signed two contract renewals with a combined minimum value of $47 million. These two were Sutter Health, which renewed for seven years, and Wellspan Health, which renewed for five.

The contract renewals are transaction-based with committed minimums with potential upside.

For me, and perhaps investors, a key element from the update was that the renewals were negotiated at an increased fee per transaction compared to the original contracts.

Pro Medicus CEO Dr Sam Hupert explained why this update was so positive:

The industry norm for renewals is for short extensions to the original contract at the same or lower price. The fact that our clients have renewed for a full or longer contract term at an increased price supports our belief that the Visage solution delivers unparalleled value both in terms of financial and clinical ROI (return on investment).

Whilst it is still early days, our renewal success rate sends a positive message to the market and helps build on the network effect that we have been experiencing.

Extremely profitably

Pro Medicus has one of the highest earnings before interest and tax (EBIT) margins on the ASX. In the FY22 half-year result, the EBIT margin was 65%. This helped net profit after tax (NPAT) grow by 52.7% to $20.7 million, which then funded a 42.9% rise of the interim dividend to 10 cents per share.

Any new revenue that the company generates is being turned into profit at a high rate. Therefore, contract wins and contract renewals (with a higher fee per transaction) can help Pro Medicus’ profit. Rising profit can be an important factor for pushing the Pro Medicus share price higher.

Pro Medicus share snapshot

Despite its recent gains, the Pro Medicus share price remains 12% over the past 12 months.

At the current share price, the company has a market capitalisation of $5 billion, according to the ASX.

The post Why has the Pro Medicus share price surged 32% in a month? appeared first on The Motley Fool Australia.

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More reading

• Why Pro Medicus, St Barbara, Vulcan, and Whitehaven Coal are pushing higher
• Why Goldman Sachs just upgraded Pro Medicus shares
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX shares today
• What on earth happened to ASX 200 tech shares in June?

Motley Fool contributor Tristan Harrison 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 Pro Medicus Ltd. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. 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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Sezzle Inc (ASX: SZL) shares are enjoying a strong run today, up 9.3% to 24 cents.

This will surely be welcome news to battered Sezzle shareholders.

The ASX buy now, pay later (BNPL) company has been under heavy selling pressure since mid-2021. And the scrapping of its merger with Zip Co Ltd (ASX: ZIP) last week Tuesday saw Sezzle shares tumble another 38% on the day.

In the latest news, Sezzle is suing United States-based GameStop Corp (NYSE: GME) for an alleged breach of contract.

Why is GameStop being sued?

Sezzle stated that it’s suing GameStop for the company’s failure to maintain links to its BNPL services throughout its website.

Sezzle said it had a two-year merchant agreement with GameStop as of November 2020 for use of its payments platform. The company alleges that GameStop violated this agreement when it removed Sezzle’s “functionality from its cart page and product detail pages without notifying Sezzle in direct breach of the contract”.

According to Sezzle, when GameStop was approached about the breach of contract, it terminated Sezzle without notice and now is no longer paying its invoices.

GameStop did reportedly admit that it had removed Sezzle’s widget and that currently Sezzle is not used on its website.

Sezzle said it is now asking for $1.4 million in damages and related service fees that GameStop has failed to pay. The BNPL share is also looking to recoup marketing expenses it spent on GameStop’s behalf.

How have Sezzle shares been tracking?

Despite the big leap higher today, Sezzle shares remain well down over the medium term.

Year-to-date, the Sezzle share price is down 92%, which compares to a 12% loss posted by the All Ordinaries Index (ASX: XAO) so far in 2022.

Over the past 12 months the picture is even gloomier, with Sezzle having tanked a painful 97%.

The post Own Sezzle shares? Here’s why the BNPL company is suing GameStop appeared first on The Motley Fool Australia.

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More reading

• How to beat the market with ‘boring’ ASX shares: fundie
• 3 ASX All Ords shares sidestepping the selling today
• Penny-pincher: Where Sezzle shares could be heading from here
• What’s the outlook for ASX BNPL shares in FY23?
• Why Galileo Mining, Platinum, Sezzle, and Woodside shares are dropping

Motley Fool contributor Bernd Struben 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 ZIPCOLTD FPO. 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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The Fortescue Metals Group Limited (ASX: FMG) share price is suffering on Thursday.

Interestingly, it’s joined in the red by its fellow S&P/ASX 200 Index (ASX: XJO) iron ore giants despite the price of the steel making commodity lifting overnight.

At the time of writing, the Fortescue share price is $17.60, 1.68% lower than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.11% while the S&P/ASX 200 Materials Index (ASX: XMJ) is slipping 0.77%.

So, what could be going wrong for ASX 200 iron ore goliaths today? Let’s take a look.

What’s weighing on the Fortescue share price today?

The Fortescue share price is in the red today alongside those of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO). They’re each down between 1.6% and 2.8% right now.

And while some of Rio Tinto’s downfall could be to do with a near-$1 billion tax settlement, the heavy weights’ suffering doesn’t have an obvious explanation.

Particularly, as iron ore futures lifted 0.9% overnight to reach US$104.01 a tonne.

One reason behind today’s tumble could be profit taking. The materials sector leapt 2.5% yesterday with the Fortescue share price among its leaders. The stock rose 5.23% on Wednesday.

Additionally, it could be impacted by reports of China’s new national iron ore company. A new entity, dubbed China Mineral Resources Group, has been set up to snap up iron ore to supply Chinese steel producers, reports ABC News.

The news could birth concerns that a body charged with consolidating iron ore purchases could force down iron ore prices.

However, the publication reports insiders are unconcerned for now. Indeed, Fortescue boss Andrew ‘Twiggy’ Forrest brushed off concerns of a ‘Chinese ore cartel’ last month.

The post What’s going wrong for the Fortescue share price on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Why did the Fortescue share price leap 5% on Wednesday?
• Which ASX rich listers have grown their fortunes over the past year?
• What’s the outlook for the iron ore price in 2023?
• Down 12% in a month, is the Fortescue share price a buy?
• Here are the 3 most heavily traded ASX 200 shares on Friday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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The Vulcan Energy Resources Ltd (ASX: VUL) share price is surging today after electric vehicles (EV) pioneer Elon Musk described lithium processing as “a licence to print money” with “software margins”.

Vulcan Energy hopes to become a producer of high-purity lithium hydroxide for European EV manufacturers. Its Zero Carbon Lithium Project aims to produce both renewable geothermal energy and lithium hydroxide from the same deep brine source in the Upper Rhine Valley in Germany.

So, it’s little wonder that ASX investors appear to have reacted positively to Musk’s comments.

At the time of writing, the Vulcan Energy share price is up 6.8% to $6.95.

Did Elon Musk just boost the Vulcan Energy share price?

Musk made the comments during a Q&A with institutional investors today. The Q&A was part of the Q2 FY22 presentation from Telsa Inc (NASDAQ: TSLA).

Musk said:

The mining is relatively easy, the refining is much harder. There’s lithium pretty much everywhere but you have to refine the lithium into battery-grade lithium carbonate and lithium hydroxide, which has to be extremely high purity.

So it is basically like minting money right now. There’s like software margins in lithium processing right now. So I really like to encourage once again, entrepreneurs who enter the lithium refining business, you can’t lose — its a licence to print money.

The lithium price rollercoaster

The price of lithium carbonate has soared over the past 18 months to a peak of about US$73,570 in March. It has been more volatile in recent times.

Overnight, the value of lithium was steady at US$70,318 per tonne. That’s up 434.27% year over year.

New lithium miners have cropped up all over the world to cash in on the boom, with an anticipated increase in supply likely to weaken the price of the commodity. That’s according to top broker Goldman Sachs, which issued a bearish outlook for ASX lithium shares in June.

In the Q&A, Musk acknowledged that commodity prices were decreasing.

Musk said: “…for most commodities, we’re seeing a downward trend towards the end of this year or next year.”

What’s the latest from Vulcan Energy?

In a corporate presentation released to the ASX on 12 July, Vulcan outlined its progress in its lithium division.

This included the ongoing scaling up of its Pilot Plant 1, with ‘live’ geothermal brine being used to create “consistent lithium concentration and low level of impurities”.

It also expects to commission the construction of its much larger demonstration plant in late Q4 2022. The company said 80% of the equipment was now ordered, and design work was being finalised.

Other ASX lithium shares also up today

Other ASX lithium shares have surged along with the Vulcan Energy share price following Musk’s comments.

Pilbara Minerals Ltd (ASX: PLS) shares are up 2.6%, the Allkem Ltd (ASX: AKE) share price is up 1.4%, while shares in IGO Ltd (ASX: IGO) are up 0.6%.

In comparison, the All Ordinaries Index (ASX: XAO) is up 0.2%.

The post Why is the Vulcan Energy share price leaping 7% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Tesla sells 75% of Bitcoin holdings. Here’s why Elon Musk is unloading
• Tesla share price powers up on 42% revenue jump
• Why is the Core Lithium share price surging 7%?
• Why Tesla stock popped today
• What’s the ahead for the Vulcan Energy share price?

Motley Fool contributor Bronwyn Allen has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Tesla. 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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Are you interested in adding some ASX 200 shares to your portfolio this month? If you are, you may want to look at the ones listed below that have recently been named as buys.

Here’s what you need to know about them:

Breville Group Ltd (ASX: BRG)

The first ASX 200 share to look at is Breville. It is the leading appliance manufacturer behind brands including Sage, Kambrook, Baratza, and of course, Breville. Thanks to its investment in product development, these brands and their products have been resonating well with consumers for many years and are found in kitchens across Australia and the globe.

This has underpinned solid sales and earnings growth over the last decade. And thanks to its continued investment in research and development and global expansion, it has been tipped to continue this trend long into the future.

Morgans is very positive on Breville. The broker currently has an add rating and $25.00 price target on its shares.

Goodman Group (ASX: GMG)

Another ASX 200 share for investors to look at is Goodman Group. It is a leading integrated commercial and industrial property company that owns a portfolio of in-demand properties with exposure to key growth markets such as ecommerce and logistics. The good news is that demand remains strong and its development pipeline is filled to the brim with properties that look set to support its growth in the 2020s.

A testament to just how strong demand is, is that Goodman recently upgraded its FY 2022 earnings guidance yet again. Instead of 20% growth, the company now expects to deliver operating earnings per share growth of at least 23% this year.

Goldman Sachs is a fan of Goodman. It currently has a buy rating and $25.40 price target on its shares.

The post 2 excellent ASX 200 shares to buy right now according to experts appeared first on The Motley Fool Australia.

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More reading

• Down 28% so far this year, could the Goodman share price be ready to take off?
• Brokers: Buy these 2 leading ASX 200 shares in July
• 2 ASX shares in a sector ready for a massive comeback
• Looking for ASX shares to buy? Here are two analysts rate as buys
• Why experts are tipping these ASX 200 shares as buys

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 no position in any of the stocks mentioned. 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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The S&P/ASX 200 Index (ASX: XJO) is currently having a very bumpy trading session over this Thursday thus far. At the time of writing, the ASX 200 is in the green, but only just, up just 0.11% at a tad over 6,760 points. This comes after the ASX 200 has jumped between gains and losses for most of the day.

But rather than trying to figure all of that out, let’s instead delve deeper into these market moves and check out the shares presently at the peak of the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Newcrest Mining Ltd (ASX: NCM)

A rare appearance from ASX 200 gold miner Newcrest marks our first ASX share to check out this Thursday. So far today, a notable 13.77 million Newcrest shares have changed hands as it currently stands. This seems to be a response to the operational update the company released to investors this morning.

As my Fool colleague Bronwyn dove into earlier, Newcrest reported that it had met its gold production guidance for FY2022 at a lower cost than expected. Investors have responded positively to this news, with the Newcrest share price currently up by 0.8% at $19.19 a share.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium stock Pilbara is next up today. So far, a sizeable 18.37 million Pilbara shares have swapped owners on the ASX boards today.

Unlike with Newcrest, we’ve had no news out from Pilbara. So this volume seems to be a result of the machinations of the Pilbara share price itself. This lithium producer has enjoyed a healthy 242% rise so far to $2.54 a share this Thursday.

Lake Resources N.L. (ASX: LKE)

Another ASX 200 lithium stock in Lake Resources rounds out our list today. As it currently stands, a hefty 27.84 million Lake Resources shares have been bought and sold on the share market at this point.

We also haven’t seen any fresh news or announcements out of Lake itself. So again, we have to assume this volume is the result of the Lake Resources share price. This makes sense, seeing as Lake has rocketed a pleasing 7.86% today to 76 cents a share, despite no news out.

The post Here are the 3 most heavily traded ASX 200 shares on Thursday appeared first on The Motley Fool Australia.

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More reading

• Newcrest share price up on quarterly results and exploration activities report
• RBA in the spotlight; and Westpac hikes fixed rates. Scott Phillips on Nine’s Late News
• ASX 200 midday update: ANZ’s capital raising, Link jumps, Zip’s Q4 update
• Here’s why Macquarie thinks these 2 ASX 200 shares can outperform
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Sebastian Bowen has positions in Newcrest Mining Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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It was not that long ago the JB Hi-Fi Limited (ASX: JBH) share price could seemingly do no wrong. This was a company that rose by 120% between March 2019 and March 2022, after all.

Not only that, but JB also managed to dramatically ramp up its dividends too. This ASX 200 retailer paid out $1.32 in dividends per share in 2018. But by 2021, this had risen to $2.87 in dividends per share.

And yet, the past financial year has been one of the toughest in recent memory for this company. FY22 saw JB fall from the $50.58 share price it was commanding at the start of the last financial year to the $38.46 it was left with when FY22 wrapped up earlier this month. That’s a painful drop of almost 24%.

As my Fool colleague Tristan went through earlier this month, JB was hurt by falling profits and sales in its report covering the six months to 31 December 2021.

The company also did not exactly inspire investors when it admitted there was “ongoing disruption to stock availability and operations arising from COVID-19 and other local and global uncertainties” during its third-quarter update for FY22.

So with such a painful loss over the financial year just gone, can the JB Hi-Fi share price recover over the new financial year we have just begun?

What’s next for the JB Hi-Fi share price in FY23?

Well, there is one ASX broker who reckons the worst might be behind the JB Hi-Fi share price. As we covered just yesterday, broker Citi has just upgraded JB shares to a buy rating.

That came with a 12-month share price target of $47. That would represent a potential upside of around 9.5% from the $42.92 JB is commanding today (at the time of writing).

Citi anticipates that household spending will remain strong, despite the recent inflation we have seen in the economy, helping to prop up JB’s sales. As such, it sees the current JB share price as favourable.

But other ASX brokers have not been as kind. We’ve also recently covered how Ord Minnet has cut its rating from buy to hold, with a share price target of $42.

Ord Minnet doesn’t have the optimism that Citi does when it comes to inflation and rising interest rates, which it sees as a potential spanner in JB Hi-Fi’s works.

So time will only tell which ASX broker is on the money when it comes to JB shares.

In the meantime, the current JB Hi-Fi share price gives this ASX 200 retailer a market capitalisation of $4.69 billion, with a dividend yield of 6.3%.

The post Down 24% in FY22, can the JB Hi-Fi share price bounce back this year? appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy today
• Why Iluka, JB Hi-Fi, Megaport, and Zip shares are racing higher
• Why JB Hi-Fi, Mesoblast, Pendal, and Woodside shares are pushing higher
• ASX 200 retail shares rise as consumer confidence improves
• How to beat the market with ‘boring’ ASX shares: fundie

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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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The Adore Beauty Group Ltd (ASX: ABY) share price is having another strong day on Thursday.

In afternoon trade, the online beauty retailer’s shares are up 8% to $1.21.

This means that Adore Beauty’s shares are now up an impressive 22% this week.

What’s going on with the Adore Beauty share price this week?

Investors have been snapping up the company’s shares despite there being no real news out of it since April.

However, it is worth highlighting that a number of beaten down loss-making tech shares have been rebounding strongly this week.

Investors appear to believe that they have finally bottomed after falling heavily since the turn of the year.

For example, even after rising 22% this week, Adore Beauty’s shares are still down a very disappointing 70% since the start of the year.

Can it keep rising?

As I mentioned here yesterday, Morgan Stanley remains very positive on the company and sees scope for its shares to climb materially from where they trade today.

The broker currently has an overweight rating and $1.90 price target on its shares.

Based on the current Adore Beauty share price, this implies potential upside of 57% for investors over the next 12 months.

The post Why is the Adore Beauty share price up 22% this week? appeared first on The Motley Fool Australia.

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More reading

• Analysts name 3 exciting small cap ASX shares with major upside potential
• Up 16%: The Adore Beauty share price is soaring higher
• Why did the Adore Beauty share price sink over 70% in FY22?
• Why the Adore Beauty share price fell another 20% in June
• Why I think the Adore Beauty share price is a great buy today

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 recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited. 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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