Shares in Bubs Australia Ltd (ASX: BUB) are soaring today, despite no news having been released from the company. At the time of writing, the Bubs share price is 48 cents – 6.74% higher than its previous close.

The last time we heard from the formula and baby food maker was Friday last week when the company announced it was breaking into the US formula market.

Let’s take a look at the news Bubs announced last week.

Latest news

On Friday last week, Bubs announced some of its products are to be stocked in the US by Walmart Inc‘s (NYSE: WMT) online platform and Amazon.com, Inc. (NASDAQ: AMZN).

The company’s products are already on the Australian Amazon site.

Come September, US customers will be able to get their hands on Bubs’ Aussie Bubs formula products from the two retailers.

The news saw the Bubs share price rocket 28.95% higher on Friday.

Between then and yesterday’s close, shares in Bubs dropped 9.09%. Today, they’ve skyrocketing once more.

According to the Bubs’ release, the US infant and toddler formula market is worth US$5.1 billion annually.

After its introduction, Bubs will be providing the US market’s only Australian goat milk formula product.

The good news was a welcome change for Bubs, which has faced challenges due to COVID-19.

Before Australia’s tough border restrictions were implemented to stave off the global pandemic, a large portion of Bubs’ business came from the daigou market.

This is a similar story to those of many ASX-listed companies.

Bubs share price snapshot

The Bubs share price needs all the good news it can get as it battles a tough year on the ASX.

Currently, shares in Bubs have dropped 20% year to date. They have also fallen 52% since this time last year.

The company has a market capitalisation of around $272 million, with approximately 612 million shares outstanding.

The post The Bubs (ASX:BUB) share price has shot up 7% today appeared first on The Motley Fool Australia.

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• Why Afterpay, Betmakers, Bubs, & Starpharma shares are racing higher
• Bubs (ASX:BUB) share price explodes 17% on US launch
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• Why the Bubs (ASX:BUB) share price surged 22% higher

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia has recommended Amazon and BUBS AUST 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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The S&P/ASX 200 Index (ASX: XJO) is having a rather flat day of trading this Thursday. At the time of writing, the ASX 200 is down 0.15% to 7,284 points.

Let’s take a look at some of the most heavily traded ASX 200 shares on the stock market today.

3 heavily traded ASX 200 shares today

Telstra Corporation Ltd (ASX: TLS)

ASX telco Telstra is one of the most heavily traded ASX 200 shares so far today, with a substantial 8 million shares changing hands so far.

There has been no major news or announcements out of Telstra today that would easily explain this investor interest.

The Telstra share price has been rather volatile during today’s trading. It’s currently down 0.56% to $3.58 a share after touching a new 52-week high of $3.63 earlier this week.

It dipped after the market open this morning, then returned to its open price, then fell again.

Zip Co Ltd (ASX: Z1P)

Zip Co is another ASX 200 share that is bouncing around on the ASX boards today, with 11.82 million Zip shares swapping hands so far.

The Zip share price is currently up 0.52% to $8.65, defying the broader market sentiment so far this Thursday. This follows the hefty 6.7% gain that the buy now, pay later (BNPL) company made yesterday.

It was even better this morning too. Upon market open, Zip shares popped all the way up to $9.11 before settling to the current share price.

As we covered yesterday, Zip shares don’t seem to be reacting to anything concrete but there has been improving sentiment in the tech space this week.

Pilbara Minerals Ltd (ASX: PLS)

Pilbara is the most active ASX 200 share today with 14.03 million shares traded so far.

This continues a streak that has been going for a while now. Pilbara has been on a rather wild ride in recent times.

The lithium miner is up 13.75% over the past 5 trading days, and up a hefty 43.24% over the past month. It’s had a whopping 513% gain over the past 12 months.

Just today, the Pilbara share price has risen another 3.83% to $1.55 per share, at the time of writing. It hit a new all-time high of $1.58 this morning.

As we discussed yesterday, another factor at play with the Pilbara share price could be the drilling update that the company released yesterday afternoon.

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

More reading

• The Pilbara Minerals (ASX:PLS) share price smashes another record high
• ASX copper shares up and down as copper price bounces back
• The Zip share price (ASX:Z1P) has risen 23% in June, is it a buy?
• ASX 200 down 0.25%: Woolworths sinks, Afterpay jumps, Westpac NZ update
• 2 buy-rated ASX dividend shares with 4%+ yields

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Telstra Corporation 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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Thanks to an increase in its share price, the Microsoft Corporation (NASDAQ: MSFT) broke the $2 trillion market capitalisation barrier last night.

While it is not the first company to do so, Microsoft joins an elite and select club. Population? Two.

That’s right, only Microsoft and Apple Inc (NASDAQ: AAPL) can currently lay claim to ‘multi-trillion’ status.

What’s pushing the Microsoft share price higher?

It may come as a surprise, but Microsoft has outperformed a few of its ‘FAANG’ friends so far this year including Amazon.com Inc (NASDAQ: AMZN), Netflix Inc (NASDAQ: NFLX), and Apple.

Most people will be familiar with Microsoft’s software and consumer electronics, whether that be the operating system on your computer, gaming console, or laptop. However, Business Insider suggests analysts see the rise in value fuelled by the company’s lead in cloud computing.

While less known to consumers, the company’s cloud-computing platform Azure is prominent among other companies. Approximately 95% of Fortune 500 companies rely on Azure, according to Microsoft’s 2020 full year report.

Wedbush Securities managing director and analyst Dan Ives revised his 12-month price target for the tech giant yesterday. The Microsoft share price target was increased from $310 to $325 with an ‘outperform’ rating.

Ives justified the increased price target, stating:

With workforces expected to have a heavy remote focus, we believe the cloud shift is just beginning to take its next stage of growth globally. We believe this disproportionally benefits the cloud stalwart out of Redmond, as (Microsoft CEO Satya) Nadella & Co is so well positioned in its core enterprise backyard to further deploy its Azure/Office 365 as the cloud backbone and artery.

Cloud everything

Analysts are bullish on Microsoft’s cloud potential following an unprecedented year that has potentially brought forward the adoption curve.

Microsoft’s own commercial cloud platform experienced a 36% year-over-year increase to $50 billion in revenue in 2020 — yes, you read that correctly, $50 billion, with a ‘B’.

Many companies are shifting to cloud-based processing to take advantage of the scalability of processing power and storage. By Microsoft’s own estimates more than 50 billion devices will come online by 2030 seeking a cloud-based platform to operate from.

The Microsoft share price has gained 34% over the past 12 months. In after-hours trade the companies shares have settled at US$265.28 a piece.

The post Microsoft (NASDAQ:MSFT) share price lifts company into $2 trillion club appeared first on The Motley Fool Australia.

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• Is Cathie Wood selling Netflix stock at the worst possible time?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Mitchell Lawler owns shares of Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Amazon, Apple, Microsoft, and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon, long March 2023 $120 calls on Apple, short January 2022 $1,940 calls on Amazon, and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Amazon, Apple, and Netflix. 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 S&P/ASX 200 Index (ASX: XJO) is off its lows and trading slightly in the red this afternoon. At the time of writing, the benchmark index is down a few points to 7,293.8 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Catapult Group International Ltd (ASX: CAT)

The Catapult share price has sunk 8% to $2.00. The sports analytics and wearables company’s shares have come under pressure after it announced the completion of its equity raising. According to the release, the company has raised $35 million via an underwritten institutional placement of new shares at a price of $1.90. This represents a discount of 12.8% to its last close price. Catapult is raising funds to acquire SBG Sports Software and accelerate its growth strategy.

Earlypay Ltd (ASX: EPY)

The Earlypay share price has fallen 6% to 45 cents. This decline has also been driven by an equity raising. The payment advance company revealed that it has received commitments to raise $18.85 million via a placement to new and existing institutional and professional investors. According to the release, the company is raising the funds at a price of $0.42 per new share. This represents a 12.5% discount to its last close price. The proceeds will be used to support its new trade finance product.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 2.5% to $2.54. This morning the embattled investigative analytics and intelligence software provider informed the market that a search warrant was executed at Nuix’s Sydney office seeking documents. It advised that this is in relation to an investigation into the affairs of an individual and does not relate to any allegation of wrongdoing by Nuix.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price has tumbled 11% to $37.88. Today’s decline has been caused by the spin-off of its drinks business. This has seen Endeavour Group Limited (ASX: EDV) join the ASX 200 index today, with Woolworths’ shareholders receiving one Endeavour Group share for every Woolworths share they hold. The Endeavour Group share price is trading at $6.17 this afternoon.

The post Why Catapult, Earlypay, Nuix, & Woolworths are tumbling lower appeared first on The Motley Fool Australia.

More reading

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• Why the Catapult (ASX:CAT) share price is down 12% today
• Why is the Woolworths (ASX:WOW) share price down 15% today?
• Why the Earlypay (ASX:EPY) share price is sinking 8% today
• 5 things to watch on the ASX 200 on Thursday

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. owns shares of and has recommended Catapult Group International Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. The Motley Fool Australia has recommended Nuix Pty 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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The Select Harvests Limited (ASX: SHV) share price is on the rise today, setting a new 52-week high.

With no recent news released to the ASX, investors are clearly enthusiastic about Select Harvests.

During midday market trade, the almond grower’s shares reached a 12-month high of $6.92. However, following the strong rise, investors decided to take some profit off the table which led its shares slightly lower.

At the time of writing, Select Harvests shares are up 6.24% to $6.64.

What’s driving these gains?

A possible catalyst for the recent surge in the Select Harvests share price could be two broker updates.

After reporting its first-half results for 2021 in late May, investment firms Citi and Wilsons rated the company as buys.

First up, global investment bank Citi raised its 12-month price target for Select Harvests by 4.6% to $6.80. And following suit, advisory group Wilsons lifted its rating by 4.1% to $6.95.

This came despite the company reporting a mixed half-year result which saw net profit after tax (NPAT) fall to $1.3 million. When compared to the previous corresponding period, this is a drop of 92.5%.

However, not all was bad, with Select Harvests highlighting its almond crop grew to 28,250 million tonnes in the period. This reflects an increase of 21.5% over H1 FY20. The company noted global demand for almonds remains strong.

About the Select Harvests share price

While Select Harvests shares have soared higher since the start of the month, it hasn’t been all smooth sailing. The company’s share price hit a multi-year low of $4.91 in January this year, before a gradual uptick.

Based on today’s price, Select Harvests has a market capitalisation of around $803 million, with approximately 120 million shares outstanding.

The post Select Harvests (ASX:SHV) share price hits new 52-week high appeared first on The Motley Fool Australia.

More reading

• Why ASX agricultural shares are high on institutional investors’ radars
• Select Harvests (ASX:SHV) share price falls on plummeting profits

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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Shares in Pilbara Minerals Ltd (ASX: PLS) are on a tear, running ~25% higher in June into record territory.

Today was another record-setting day for the Pilbara share price, which hit an intraday high of $1.58 this morning.

The lithium miner’s shares are currently up 3.15%, trading at $1.54.

Lithium prices continue to advance

It’s possible that the soaring Pilbara Minerals share price is a reflection of an elevated level of lithium demand and spot prices.

According to the latest global lithium update from Fastmarkets, consumers in the domestic Chinese and seaborne Asian markets are finding it difficult to secure adequate feedstock in battery-grade lithium hydroxide, which is sending prices higher.

The update reported that China’s consumers “are still struggling to secure units at the moment while demand is ramping up at unexpected speed”.

Elsewhere, Fastmarkets said that spot lithium prices in Europe and the United States continued to climb, “thanks to support from tight availability of technical-grade compounds, ongoing logistic disruptions and an upward price trend in global lithium prices”.

Broader lithium industry pushes higher

The Global X Lithium & Battery Tech EFT (LIT) could be a useful measure of performance in the broader lithium sector.

The LIT ETF invests in the full lithium cycle, including companies that mine and refine the metal, through to battery producers and automakers. Top holdings include one of the world’s largest lithium producers, Albemarle and a China-based lithium battery producer, Eve Energy.

The ETF has positions in ASX-listed producers and explorers including Pilbara Minerals, Orocobre Ltd (ASX: ORE), Galaxy Resources Ltd (ASX: GXY) and Ioneer Ltd (ASX: INR). These four holdings account for a respective 1.23%, 0.92%, 0.71% and 0.21% of its net assets.

The LIT ETF has pushed ~3.4% higher in June, up 13.3% year-to-date and about 5.5% away from its February record all-time highs.

Its solid performance might reflect an increasing investor appetite for renewable materials and solutions, which sits well with the soaring Pilbara Minerals share price.

The post The Pilbara Minerals (ASX:PLS) share price smashes another record high appeared first on The Motley Fool Australia.

More reading

• Here’s why the Ioneer (ASX:INR) share price is charging 11% higher
• Here are 3 ASX 200 shares that are on the move today
• Why the Vanadium (ASX:VR8) share price surged to a 2-year high today
• Why the Pilbara Minerals (ASX:PLS) share price is up 7% to a record high
• These ASX 200 shares are on the move today

Motley Fool contributor Kerry Sun 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 Bruce Jackson.

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The Cochlear Limited (ASX: COH) share price has surged more than 29% since the start of the year. Following a tough 2020, Cochlear has been one of the standout performers in the S&P/ASX 50 Index (ASX: XFL) for 2021.

A strong half year report and pipeline of demand have seen investors clamour for shares in the company. Read on to find out more on the Cochlear share price.

What’s been driving the Cochlear share price?

After a tumultuous 2020, shares in Cochlear have burst out the blocks in 2021 having recently hit a new 52-week high.

Despite the company not releasing any price-sensitive news, a promising half year report and a strong recovery potential could be what’s driving investors to the company.

For the 6 months to December 31, Cochlear recorded a 2% fall in total revenue to $743.2 million, while underlying net profit climbed 4% to $125.3 million.

Although Cochlear reported an 8% slide in sales revenue in the first quarter of FY21 2021, sales rebounded strongly in the second quarter, up 7% on a constant currency basis.

Cochlear attributed the performance to varying degrees of growth across established and emerging markets. The better than expected result saw Cochlear return the government funding it had received as part of JobKeeper. In addition, Cochlear resumed paying dividends, declaring a $1.15 dividend, representing 60% of underlying profits.

What is the outlook for Cochlear?

Cochlear and the hearing implant sector were hit hard during the COVID-19 pandemic as elective surgeries ceased globally. Despite a sudden decline, implant surgery rates began to recover late last year.

As a result, Cochlear forecasts that it will achieve an underlying net profit for FY21 between $225 million and $245 million. This forecast reflects a 46% to 59% increase on last year’s FY20 result.

Cochlear noted that a successful rollout of COVID-19 vaccines will see elective surgeries return to their pre-pandemic levels. The company noted that implant surgery rates have bounced back strongly in developed markets.

The recovery in emerging markets such as India and Brazil is expected to be more protracted. Emerging markets account for 20% of Cochlear’s sales revenue. However, multiple strains and rising COVID cases are expected to subdue the recovery.

Cochlear hopes to return to its historical 70% dividend ratio in the near future and expects that the implant market will return to normal growth in financial year 2022-23.  

The post The Cochlear (ASX:COH) share price has surged nearly 30% in 2021 appeared first on The Motley Fool Australia.

More reading

• These 3 shares are the best performers of the ASX 50 so far in 2021
• Cochlear (ASX:COH) share price edges higher to break 52-week record
• 4 buy-rated ASX shares for June
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• Why ‘value’ and ‘growth’ share categories are meaningless

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get back into positive territory but has just fallen short. At the time of writing, the benchmark index is down 0.1% to 7,292.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price has jumped 6.5% to $130.81. Investors have been buying the payments company’s shares after it announced the expansion of its one-time card footprint. The buy now pay later provider will now let users shop with some of the most popular and largest merchants in the United States. This includes Amazon, Nike, Nordstrom, Target, and Walgreens. Combined, the new additions represent almost half of all U.S. ecommerce volume.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price has risen 3.5% to 23.3 cents. Interestingly, this gain has been driven by the discovery of gold and not lithium. As part of its search for lithium-bearing pegmatite resources at the Finniss Lithium Project in the Northern Territory, Core identified numerous signs commonly associated with gold deposits in nearby locations.

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up 11% to $1.37. This appears to be a delayed reaction to yesterday’s mineral resource update. That update revealed that the measured and indicated mineral resources across the Mallina Gold Project comprise 3.8M ounces at 1.4g per tonne of gold. This is being underpinned largely by the Hemi deposit, which contributes 2.8M ounces at 1.3g per tonne of gold.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price has jumped 7% to $57.15. This is despite there being no news out of the health imaging company. Furthermore, Pro Medicus’ shares are surging higher even though they were downgraded by analysts at Morgans today. The broker has downgraded them to a reduce rating but lifted its price target to $49.69. It made the move on valuation grounds.

The post Why Afterpay, Core Lithium, De Grey Mining, & Pro Medicus are storming higher appeared first on The Motley Fool Australia.

More reading

• Up another 6%, Afterpay (ASX:APT) share price hits 4-month high
• ASX 200 down 0.25%: Woolworths sinks, Afterpay jumps, Westpac NZ update
• Here’s why the Core Lithium (ASX:CXO) share price is lifting off today
• 4 top ASX 200 shares analysts rate highly
• Afterpay (ASX:APT) onboards Amazon, Nike, Target to ‘one-time card’

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. owns shares of and has recommended AFTERPAY T FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Pro Medicus 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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The Jumbo Interactive Ltd (ASX: JIN) share price has hit a new 52-week high in intraday trade today.

Earlier this afternoon, the Jumbo share price reached $17.84 – the highest it’s been in 12 months.

At the time of writing, Jumbo shares are 6.51% higher than their previous close, swapping hands for $17.83.

Jumbo’s flagship service is OzLotteries. It also runs official government and charitable lotteries.

Let’s take a look at what’s been driving the lottery business’ shares lately.

The year that’s been

Over the last 12 months we’ve heard several pieces of exciting news from Jumbo.

Firstly, the company extended its agreement with Tabcorp Holdings Limited (ASX: TAH) by another 10 years in June 2020. Under the agreement, Jumbo will continue to sell Tabcorp lottery tickets.

Then, in September, the company announced its subsidiary had made an agreement with Lotterywest. The agreement saw Jumbo providing Lotterywest with its software platform and services for the next decade.

The only time the ASX has heard price-sensitive news from Jumbo this year was when it released its half year results in February.

In the 6 months ended 31 December 2020, Jumbo reported a 26% increase in its total transaction value, raking in $233 million.

It’s revenue also grew, but only by 9% to $41 million.

The company’s underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew by just 3.7% to $24.1 million. And it penned a 0.5% lift in net profit after tax (before amortisation) to $16.3 million. 

Despite the small gains, the Jumbo share price fell that day to close 6.9% lower than its previous session.

Since its half year results were released, the Jumbo share price has gained 31%.

Jumbo share price snapshot

It has been a good year so far on the ASX for the Jumbo share price.

Currently, Jumbo shares are 26% higher than they were at the beginning of 2021. They have also gained 77% since this time last year.

The company has a market capitalisation of around $1 billion, with approximately 62 million shares outstanding.

The post The Jumbo (ASX:JIN) share price hits a new 52-week high appeared first on The Motley Fool Australia.

More reading

• Jumbo (ASX:JIN) share price rises to reach new 52-week record
• 2 ASX dividend shares this broker likes
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• Jumbo (ASX:JIN) share price tumbles on broker downgrade

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. owns shares of and has recommended Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive 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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It’s like the sell-off never happened. The Afterpay Ltd (ASX: APT) share price has clawed its way back up to a 4-month high and is trading 6% higher to $130.35 at the time of writing.

Afterpay shares have demonstrated extraordinary signs of strength this month in particular, launching ~40% from $92.77 at the start of June to more than $130 today.

Let’s take a look at what factors might be driving Afterpay’s comeback.

Afterpay expands ‘one-time card’ offering

One factor which could be driving the Afterpay share price today is the expansion of its buy now, pay later (BNPL) service to some of the largest US online brands.

On Wednesday night, Afterpay revealed that it had onboarded high profile retailers such as Amazon.com Inc (NASDAQ: AMZN) and Nike Inc (NYSE: NKE) to its one-time card feature on the Afterpay app.

This feature will allow customers to generate a one-time card to enter at checkout for participating retailers.

Tech bouncing back

Broadly speaking, it’s been a somewhat frustrating year for ASX tech investors.

The S&P/ASX 200 Info Tech Index (ASX: XIJ) staged two sharp ~20% sell-offs during 11 February to 9 March, and 19 April through to 13 May.

The main stocks driving the ASX 200 tech index lower were heavyweight names including Afterpay, Xero Limited (ASX: XRO), NextDC Ltd (ASX: NXT) and WiseTech Global Ltd (ASX: WTC).

The index has since rallied a solid ~25% off May lows, with many ASX 200 tech shares rebounding back to 1–3 month highs.

A similar narrative has taken place on Wall Street.

The tech-heavy Nasdaq Composite experienced a ~10% sell-off in late February and an ~8.5% pullback in late April/early May.

On both occasions, the Nasdaq bounced back strongly. And on Wednesday night, it managed to eke out a 0.13% gain to close in record territory.

The recent resurgence and investor appetite for tech is another factor that could be helping to drive the Afterpay share price to a near-term high.

Large cap BNPL shares pushing higher

Afterpay isn’t the only BNPL share bouncing off near-term lows.

The Zip Co Ltd (ASX: Z1P) share price has staged a similar comeback, surging 22% from $7.04 at the start of June to its current level of $8.59 at the time of writing.

Another key player in the BNPL industry is US-listed Affirm Holdings Inc (NASDAQ: AFRM).

Affirm boasts a market capitalisation of about US$17 billion (A$22 billion), and is currently solely focused on the North American region.

The Affirm share price has bounced a similar ~35% off its May lows to US$65.19.

The post Up another 6%, Afterpay (ASX:APT) share price hits 4-month high appeared first on The Motley Fool Australia.

More reading

• ASX 200 down 0.25%: Woolworths sinks, Afterpay jumps, Westpac NZ update
• 4 top ASX 200 shares analysts rate highly
• Afterpay (ASX:APT) onboards Amazon, Nike, Target to ‘one-time card’
• Up another 6%, Zip (ASX:Z1P) share price hits 2-month high
• ASX 200 down 0.5%: Costa’s acquisition, Afterpay & Zip charge higher

Motley Fool contributor Kerry Sun owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. 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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