Category: Stock Market

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

On Tuesday, a SpaceX Starship prototype exploded while attempting to land, the fourth consecutive test launch to end up in flames in recent months.

SpaceX launched the SN11 prototype from its Boca Chica, Texas, facility for a high-altitude test, with the goal of having the spacecraft execute a “belly flop” maneuver in space before returning to Earth in a controlled vertical soft landing. Elon Musk’s space company is developing Starship as its heavy launch vehicle that the company hopes will eventually travel to the Moon and beyond.

While all four launches have gone off without a hitch, the company continues to have issues nailing the landing. SpaceX’s live stream froze as the SN11 was coming in for a landing, but reports from the scene indicate there was a large explosion that scattered debris around the area.

In a tweet, Musk said one of the engines appeared to have issues on ascent, and that “something significant happened” shortly after the engines fired for landing. He said SpaceX hopes to learn more as it examines the wreckage.

Space, by its nature, involves a lot of trial and error, and SpaceX has said it will likely need to run through 20 prototypes before Starship is fully developed. Still, the setbacks are high-profile disappointments for a company with grand ambitions and in constant need of new funding.

SpaceX was also dealt a setback on Earth, as a judge ruled it should be forced to comply with a Department of Justice subpoena as part of a probe into whether the company has illegally discriminated against foreign job applicants. The judge rejected SpaceX’s arguments that the subpoena constituted government overreach.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

More reading

• Home Consortium (ASX:HMC) share price success. What’s next?
• Telstra (ASX:TLS) share price up 10% in March but could go even higher
• Top brokers name 3 ASX shares to buy today
• The Flight Centre (ASX:FLT) share price is a “top pick” in the travel sector
• Why it’s turning into a bad week for Airtasker (ASX:ART) shares

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 Bruce Jackson.

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Home Consortium Ltd (ASX: HMC) has enjoyed a successful start to its ASX-listed existence.

Following the Home Consortium share price gain of 126% in the past year and launching an ASX-listed REIT, the group headed by David Di Pilla looks to try its luck again, but different.

Backstory on Home Consortium

Before we get ahead of ourselves, it might be worth a refresher on what and where Home Consortium came from.

Back in 2016, when Masters Hardware (owned by Woolworths Group Ltd (ASX: WOW)) crumbled, all those prime property developments were left ripe for the picking. That’s when former UBS investment banker David Di Pilla swooped in.

Many potential suitors were assessing the 30 odd sites and running the numbers. However, the thing with hardware stores is that they don’t produce particularly high rent, making them a lower value property than, say, a shopping centre. However, this is where Mr Di Pilla recognised the potential.

Rather than buying the sites for a mediocre rental return, Di Pilla and colleagues redeveloped the sites to cater for smaller format stores inside. This move increased the rental yield of the property portfolio.

Following the success of Home Consortium and a few more property acquisitions, the decision was made to spin out some of the supermarket holdings in the form of an ASX-listed daily-needs real estate investment trust (REIT). The result – a now 19 property strong REIT known as the HomeCo Daily Needs REIT (ASX: HDN).

Yet, the Home Consortium team doesn’t plan on stopping there.

Why end a good thing?

Having successfully listed the Daily Needs REIT, being the biggest property listing last year, another REIT is rumoured to already be in motion.

Reportedly the group has started preparing investors for what will be known as “HealthCo”. The new ASX-listed REIT to be will include properties in aged care, childcare, hospitals, primary care, and life sciences.

The Australian Financial Review reported that Macquarie Capital, Morgan Stanley and Morgans has been brought on to raise capital. Initial raising will seek to source $500 million, although investor interest could see that being substantially higher.

If successful in raising capital and listing, it is expected the property portfolio will initially hold $2 billion in assets.

Home Consortium performance beyond share price

In February, Home Consortium provided its first-half results for FY21, and the metrics looked solid. In particular, the 82% increase in funds under management since its initial public offering (IPO).

Furthermore, the group held an impressive 44 assets, spanning 1.5 million square metres of land. Pleasingly for shareholders, occupancy levels remained high at 99% across this portfolio.

The solid performance extends to the Home Consortium share price. The past 12 months have seen the group’s share price climb 126%. A stellar result considering the trading environment for brick-and-mortar stores.

Demand for HealthCo will certainly benefit from the track record of Home Consortium and its HomeCo REIT thus far. 

More reading

• Over 1 in 4 Australians are investing in the ASX: report
• 4 ASX real estate shares going ex-dividend this week
• ‘Chickens don’t make money’: fundie
• ASX 200 Weekly Wrap: ASX 200 gets its mojo back
• Here’s why the Food Revolution (ASX:FOD) share price jumped 8% today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths Limited. 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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The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher again on Wednesday.

In afternoon trade, the telco giant’s shares are up 1% to $3.46.

This means that the Telstra share price is now up almost 10% since the start of the month.

Why is the Telstra share price pushing higher?

Investors have been buying Telstra’s shares since the release of an update on its proposed legal restructure, which it expects to be completed by December.

In case you missed it, the restructure will see Telstra split up as follows:

InfraCo Fixed – it would own and operate Telstra’s passive or physical infrastructure assets. These are the ducts, fibre, data centres, and exchanges that underpin Telstra’s fixed telecommunications network. Management notes that this will provide important optionality to create additional value from these assets in the future.

InfraCo Towers – this business would own and operate Telstra’s passive or physical mobile tower assets. Telstra is looking to monetise these assets given the strong demand and compelling valuations for this type of high-quality infrastructure.

ServeCo – it would continue to focus on creating innovative products and services, supporting customers and delivering the best possible customer experience. ServeCo would own the active parts of the network, including the radio access network and spectrum assets. This is to ensure Telstra continues to maintain its industry leading mobile coverage and network superiority.

What does the market think of the plan?

Unlike AGL Energy Limited (ASX: AGL) and its plan to spilt into two, the market has responded very positively to Telstra’s proposal. As have a large number of brokers.

One of those is Morgan Stanley. Earlier this week, the broker upgraded Telstra’s shares to an overweight rating and lifted its price target from $3.00 up to $4.00.

Based on the current Telstra share price, this price target implies potential upside of 15.5% over the next 12 months.

In addition to this, Morgan Stanley now believes Telstra’s dividend is sustainable at 16 cents per share and has upgraded its estimates to reflect this.

So, with the Telstra share price fetching $3.46, this will mean a fully franked 4.6% dividend yield over the next 12 months. This lifts its potential total return to an attractive ~20%.

More reading

• Why an AGL Energy (ASX:AGL) demerger might be a problem
• Telstra (ASX:TLS) share price gains: Is the 52-week high next?
• Where to reinvest your Commonwealth Bank (ASX:CBA) dividends
• TPG Chair resignation: Is this good news for the Telstra (ASX:TLS) share price?
• Is the Telstra (ASX:TLS) share price a buy today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $38.00 price target on this gaming technology company’s shares. The broker notes that management spoke positively during its investor briefing. This has given it even more confidence that the company will emerge from the pandemic in a stronger position. It also notes changing behaviours from operators in relation to leasing equipment over buying it. Morgan Stanley believes Aristocrat is well-placed to benefit from this trend. It also sees opportunities for it to accelerate its growth inorganically thanks to its strong balance sheet. The Aristocrat Leisure share price is fetching $34.82 today.

Santos Ltd (ASX: STO)

Analysts at UBS have retained their buy rating and lifted their price target on this energy producer’s shares to $8.35. This follows the company’s decision to push ahead with its US$3.6 billion Barossa project offshore in the Northern Territory. Outside this, UBS continues to believe that Santos is the best option in the energy sector. Particularly given its valuation and near term growth catalysts. The Santos share price is trading at $7.22 this afternoon.

Sonic Healthcare Limited (ASX: SHL)

Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and lifted their price target on this healthcare company’s shares to $39.80. According to the note, the broker has lifted its earnings estimates to reflect ongoing COVID-19 testing demand. In addition to this, it believes the market is overlooking the strength of its balance sheet and feels its valuation is attractive in comparison to many of its peers. The Sonic share price is trading at $35.87 on Wednesday.

More reading

• Why Aristocrat Leisure, Opthea, PointsBet, & Spirit are storming higher:
• 4 ASX shares with director buys this month
• 5 things to watch on the ASX 200 on Wednesday
• Can the Aristocrat Leisure (ASX:ALL) share price smash the market in 2021?
• ASX 200 dips, AGL to split in two, NAB’s neobank acquisition approved

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare Limited. 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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Bell Potter believes that there could be a “step change” for travel demand in a post-COVID world. Furthermore, it retains the Flight Centre Travel Group Ltd (ASX: FLT) share price as its top pick in the travel sector. Its research report on 30 March retained a buy recommendation with a 12-month target price of $21.50. 

A recovery in the global travel industry remains in its early days.  In particular, the recovery is dependent on a successful roll-out of the COVID-19 vaccination in key markets.

Corporate business to drive earnings recovery 

The report is upbeat about Flight Centre’s corporate segment. In particular, the commentary also highlights that it “maintains a compelling customer value proposition driven by its global network, personalised service offering and technology suite”. 

According to the report, this value proposition has underpinned the company’s long history of strong organic growth. Additionally, its total transaction value (TTV) is growing at a compound annual growth rate (CAGR) of ~15% since FY11. 

The broker acknowledges that the corporate travel market is likely to face medium-term structural headwinds. However, the broker believes that its historic growth record and value proposition will “more than offset these headwinds and underwrite a strong recovery”. 

Leisure could swing the Flight Centre share price 

Bell Potter approaches the leisure segment with a cautionary tone, acknowledging potential execution risk. Its report highlights the leisure segment generating 58% of TTV in FY19. However, this is only translated to a disproportionate 32% of pre-tax profit. This was driven by the bricks and mortar nature of the leisure business. This carries a high fixed cost-base and increasing competition. 

The report hones in on two key issues. These issues could allow the leisure segment to drive the Flight Centre share price. Firstly, the company’s ability to maintain market share and generate volume, and secondly, the sustainability of its cost-out program. 

There is near-term uncertainty for both business and global travel. However, Bell Potter expects a strong earnings recovery to be underpinned by higher margins. The Flight Centre share price is currently 3.80% higher to $18.30 at the time of writing. This means the $21.50 target price would represent an upside of 17.75%. 

More reading

• ASX 200 dips lower, Webjet drops, REA bids for Mortgage Choice
• Flight Centre, Qantas, & Webjet shares fall on Brisbane COVID lockdown news
• These are the 10 most shorted shares on the ASX
• ASX 200 dips, travel shares drop, Pushpay soars
• ASX 200 up 0.4%: Bank shares lower, Xero shares upgraded

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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The Airtasker Ltd (ASX: ART) share price is having a terrible day today. Airtasker shares are, at the time of writing, down a hefty 10.23% to $1.19 a share. That’s still a good 15% above the price the company hit the ASX boards at last Tuesday. And it’s also well above the listing price of 65 cents a share that the shares were offered up at.

But it’s also 39% below where Airtasker hit last Wednesday when investors sent the company up to $1.96 a share in the company’s second day of trading.

So is there any good reason why Airtasker is falling today?

Putting the Air in Airtasker shares

Well, the short answer is not really. There is no official news or announcements out of Airtasker today. In fact, its last announcement was a holding notice from investment bank Credit Suisse two days ago. While it’s nice to know that Credit Suisse has enough shares to warrant 5.5% of the company’s voting power, that was actually effective 24 March, and thus unlikely to be affecting the Airtasker share price this week.

No, it’s more likely that we are seeing a classic ‘IPO (Initial Public Offering) deflation’ going on. IPOs often generate a lot of investor buzz, which the companies themselves like to encourage. Fair enough too, it’s not every day a new company joins the ASX. Especially a hot new tech company like Airtasker. But investors usually have a very short attention span when it comes to these IPOs. As such, it is not at all uncommon to see a frenzy of trading when a company joins the ASX, followed by a gradual drop in trading activity when investors realise they now have until Judgement Day to invest in Airtasker, so what’s the rush.

We see evidence of this in ASX trading data for Airtasker shares. The ASX tells us that 4.4 million Airtasker shares changed hands yesterday. That’s a steep drop from the 55.7 million shares that were traded last Thursday.

As we pointed out last week, we have seen extreme volatility followed by deflating interest in most of the ASX’s big IPOs over the past year or two. Airtasker is no different, it seems.

On the current Airtasker share price, the company has a market capitalisation of $518.6 million.

More reading

• Airtasker and Zip were among the most traded ASX shares last week
• A review on the meteoric rise of the Airtasker (ASX:ART) share price
• Airtasker (ASX:ART) share price insanity: Is this the ASX’s GameStop?
• Airtasker (ASX:ART) share price sinks 17% after explosive IPO
• Why Airtasker, Netwealth, Piedmont Lithium, & Resolute Mining are tumbling lower

Motley Fool contributor Sebastian Bowen 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 Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

GameStop Corp. (NYSE: GME) made several announcements Tuesday that gave investors additional hope concerning the beleaguered company’s ongoing turnaround. The video game and accessories retailer announced the appointment of Elliott Wilke as chief growth officer, effective April 5. 

Wilke is a former Amazon executive, holding a variety of roles at the e-commerce giant over the past seven years. This follows the hiring earlier this month of another former Amazon exec, Jenna Owens, as GameStop’s chief operating officer. 

Most recently, Wilke was in charge of the Amazon Fresh stores, after heading Prime pantry and global technology, and worldwide private brands, among others, since joining the company in 2013. 

In a press release, the company laid out Wilke’s responsibilities: “At GameStop, Mr. Wilke will oversee growth strategies and marketing, with a focus on increasing customer loyalty and growing the reach of Power Up Rewards and Game Informer. He will also work with other leaders on initiatives that include expanding the company’s use of customer insights and metrics to optimize channel marketing.”

That wasn’t the only announcement today. The company also hired two more former Chewy executives for top roles. Andrea Wolfe will be the company’s vice president of brand development, after previously serving Chewy as VP of marketing. Tom Petersen will be the VP of merchandising, reprising a role he held at Chewy.

GameStop previously tapped former Chewy CEO Ryan Cohen to lead the company’s shift away from brick-and-mortar retail to focus on e-commerce. Cohen continues to raid the executive ranks at Chewy to fill top jobs at GameStop. This is part of a broader restructuring at the company, as evidenced by the recent departure of Frank Hamlin, GameStop’s chief customer officer and the retirement of Jim Bell, the company’s CFO. 

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Danny Vena owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends Chewy, Inc. and recommends the following options: long January 2022 $1920.0 calls on Amazon and short January 2022 $1940.0 calls on Amazon. The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

More reading

• Here are the US shares ASX investors have been buying
• Airtasker (ASX:ART) share price insanity: Is this the ASX’s GameStop?
• ASX investors still can’t get enough of GameStop (NYSE:GME) shares
• Is the cashed up Reddit army forming for a new charge?
• Saxo Bank CEO on the “seismic shift” in ASX retail investors

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Renergen CDI (ASX: RLT) share price is up this morning after the company published two releases this morning. First up, the helium and LNG producer made a trading statement this morning. The announcement acknowledges an expected reduction in loss per share for the current financial year.  Secondly, the company also published its quarterly activities and cashflow reports. This report included an update on its new vaccine transportation product.

The Renergen share price reached a high of $2.65 this morning, up 5% from its closing price yesterday. It has since dropped to $2.62 — still a 4% gain.

Let’s look closer at this morning’s news from Renergen.

Shareholder’s delight

The company announced this morning that this financial year’s loss per share and headline loss per share is expected to be significantly less than last financial year’s.

Additionally, Renergen stated the loss per share and headline loss per share for the current financial year is expected to be between 27.89 cents and 37.47 cents. This represents a decrease in loss of between 21.8% and 41.8%.

The loss per share and headline loss per share for the half-year ending on 28 February 2020 was 47.92 cents.

Renergen said the previous financial year’s loss per share and headline loss per share included one-off costs from debt and equity funding for the company’s IPO on the ASX. 

Cryo-Vacc 

Renergen also began its quarterly activities report by declaring its Cryo-Vacc is currently awaiting clinical validation, with results due in a matter of days.

Cryo-Vacc enables vaccines to be transported at extremely low temperatures for up to 30 days without any power supply. Powered by hydrogen, it’s lightweight and can transport 100 vaccine doses at temperatures of between -70°C and -150°C.  

Cryo-Vacc was only conceptualised in December 2020. Renergen is hoping to receive clinical validation will be granted and the product will be ready when South Africa’s COVID-19 vaccination tender is announced.

The company has partnered with DPD Laser locally, which is using Cryo-Vacc to support its customers participating in the tender.

Renergen Quarterly activities and cashflow report

The company also published its quarterly activities report, within which it spoke of its successful helium mining activities.

Many of the company’s mining activities have achieved their expected results or performed better than anticipated. Though, some of the company’s activities have been affected by logics delays caused by COVID-19 lockdowns.

Renergen share price snapshot

The Renergen share price is having a fantastic year on the ASX. Currently, it is up by 138.5% year to date. It’s also up by 142.9% over the last 12 months.

The company has a market capitalisation of around  $43.5 million, with approximately 117 million shares outstanding.

More reading

• Why Aristocrat Leisure, Opthea, PointsBet, & Spirit are storming higher:
• Zip Co (ASX:Z1P) share price up after announcing new partnership
• Here’s why the Thomson (ASX:TMZ) share price is climbing today
• ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update
• Here’s why the Pursuit Minerals (ASX:PUR) share price is frozen

Motley Fool contributor Brooke Cooper 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 Bruce Jackson.

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The Commonwealth Bank of Australia (ASX: CBA) CommSec brokering platform tells us the ASX and international shares (almost always just US shares) that are the most popular with its Australian customers most weeks.

CommSec is one of the most popular share trading platforms for ASX investors. As a result, the data it gives us can be an interesting insight into the investing habits of the typical Aussie investor.

Yesterday, we looked at the most popular ASX shares last week. So here are the top 10 international shares CommSec users were buying last week. This week’s data covers 22-26 March. 

GameStop shares among most traded US shares on the ASX

1. Tesla Inc (NASDAQ: TSLA) – representing 5.6% of total trades with an 85%/15% buy-to-sell ratio.
2. GameStop Corp (NYSE: GME) – representing 4% of total trades with a 79%/21% buy-to-sell ratio.
3. Apple Inc (NASDAQ: AAPL) – representing 2.5% of total trades with an 77%/23% buy-to-sell ratio.
4. Nio Inc (NYSE: NIO) – representing 2.5% of total trades with a 74%/26% buy-to-sell ratio.
5. Palantir Technologies Inc (NYSE: PLTR) – representing 2.2% of total trades with an 88%/12% buy-to-sell ratio
6. AMC Entertainment Holdings Inc (NYSE: AMC)
7. ARK Innovation ETF (NYSE: ARKK)
8. Microsoft Corporation (NASDAQ: MSFT)
9. Alibaba Group Holding Limited (NYSE: BABA)
10. Churchill Capital Corp IV (NYSE: CCIV)

What can we learn from these trades?

We see a very familiar pattern with these shares. Once again, it’s Elon Musk’s company Tesla that takes out the top spot for last week. Tesla shares have had a very rocky start to 2021 and remain down 12.9% year to date, including down 11.5% over the past month. Yet many ASX investors are clearly seeing this weakness as a buying opportunity, given 85% of trades were buys. Tesla’s China-based rival Nio is also proving stubbornly popular, despite Nio shares falling more than 40% since 9 February.

The ultimate speculative company in GameStop is also continuing to prove its endurance. This company continues to show wild volatility that ASX investors are clearly trying to cash in on. GME shares are up 61.6% since 24 March, including a 7.4% bump last night.

Data company Palantir continues to be a presence in the top 5. Palantir has been hit hard in the tech sell off over in the US in recent months. This company’s share price is also down around 42% since early February, but 88% of Palantir’s traders are clearly viewing this as a buying opportunity.

We also see blue-chip tech companies like Apple, Microsoft and China’s Alibaba continuing to attract Aussie attention, despite being far more stable in price than most of the other shares on this list.

More reading

• Here’s why the Spirit (ASX: ST1) share price is up 5% this morning
• This company will make more electric cars than Tesla
• Are red-hot house prices good for ASX 200 shares?
• ASX banks are facing millions of cyber attacks each day
• Facebook poised to shoot 32% higher, says analyst

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alibaba Group Holding Ltd., Apple, Microsoft, NIO Inc., and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Palantir Technologies Inc and recommends the following options: short March 2023 $130 calls on Apple and long March 2023 $120 calls on Apple. The Motley Fool Australia has recommended Apple. 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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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.6% to 6,845.9 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is up 4% to $34.97. This appears to have been driven by a broker note out of Credit Suisse this morning. In response to its virtual investor round table event, the broker has retained its outperform rating and lifted its price target by 10% to $38.00. Credit Suisse was pleased with the updates provided for both its land-based and digital businesses.

Opthea Ltd (ASX: OPT)

The Opthea share price has surged 12% higher to $1.60. This follows news that the biotech company has received an initial Pediatric Study Plan (iPSP) waiver from the US Food and Drug Administration (FDA) for OPT-302. The iPSP waver means Opthea will not have to conduct an additional study in the paediatric population.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price has stormed 4.5% higher to $12.81. This follows the release of a positive broker note out of Goldman Sachs this morning. According to the note, the broker has initiated coverage on the sports betting company with a buy rating and $17.50 price target. Goldman believes the company is well-placed to benefit from a US sports betting market which is expected grow by a compound annual growth rate of 40% through to 2033.

Spirit Technology Solutions Ltd (ASX: ST1)

The Spirit share price has jumped 8.5% to 38 cents. The catalyst for this gain was news that Spirit has acquired Nexgen for up to $50 million. This will be paid 70% in case and 30% in shares. According to the release, the acquisition of the data, security and voice products provider is expected to add over five thousand new B2B clients and generate $36 million in revenue. Approximately 80% of this is recurring. To fund the deal, Spirit has undertaken a $23.8 million institutional placement and increased its debt facility.

More reading

• ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update
• Here’s why the Spirit (ASX: ST1) share price is up 5% this morning
• The Opthea (ASX:OPT) share price up after receiving FDA approval
• Leading broker puts buy rating on PointsBet (ASX:PBH) share price
• 5 things to watch on the ASX 200 on Wednesday

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 and recommends Pointsbet Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of SPIRIT TC FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and SPIRIT TC FPO. 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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