The Raiz Invest Ltd (ASX: RZI) share price is climbing higher today. This comes after the mobile-first financial services platform provider announced a new fee structure for customers.

In afternoon trading, the company’s shares are up 4.85% to $1.73. Earlier today, the Raiz share price reached an intraday high of $1.80.

What are the fee changes?

Australian customers of Raiz might notice an increase in fees from 1 April 2021 for the micro-investing platform. However, not all of Raiz’s now over 340,000 active customers will be impacted.

If you use the company’s recent “Custom” portfolio, you can breathe a sigh of relief. The portfolio launched in January will retain its existing fee of $4.5/month on balances below $20,000, or 0.275% p.a. on balances over $20,000.

The same goes for anyone with over $15,000 in any of the standard portfolios offered by Raiz. This includes conservative, moderately conservative, moderate, moderately aggressive, aggressive, emerald. On the other hand, if you hold less than $15,000 in your standard portfolio, fees will increase to $3.50/month.

Further, the Sapphire portfolio, which offers investors a 5% exposure to Bitcoin (CRYPTO: BTC), will experience a hike to $3.50/month as well.

Quality comes at a price

Largely, the reason given for the elevation in fees is an increase in costs associated with providing the Raiz platform.

Raiz Invest Group CEO and Managing Director, George Lucas, commented:

There is an increasing corporate governance cost associated with delivering financial products and services that requires ongoing investment in technology and resources, such as people. This is important to ensure we are compliant, protect our customers’ data and investments and are constantly meeting (or exceeding) our customers’ expectations

Mr Lucas went on to explain the criticality of continuing to provide an exceptional experience. Corporate governance, risk management, and oversight seem to be the pillars of the justification.

“A fee increase is always a very considered decision, and, despite this latest increase I believe our fees remain competitive for the suite of cutting-edge features and options we provide,”

Raiz share price performance

It appears investing in the investment platform itself this last year would have been more prosperous than in its portfolios. The Raiz share price has performed exceptionally in the last 12 months, returning 138%. Most of the company’s portfolios are a diversified mix of index exchange-traded-funds (ETFs), alongside bonds and money markets. Hence, the diversification associated with risk management tends to lead to lower but more sustainable returns. 

More reading

• ASX 200 Weekly Wrap: Friday carnage ruins last week of ASX earnings
• Aussie investors are now buying more Bitcoin than gold
• How Tesla’s (NASDAQ:TSLA) Elon Musk just lost $19 billion
• Raiz (ASX:RZI) share price sinks after half-year result
• ASX 200 Weekly Wrap: ASX lower despite bumper dividends

Mitchell Lawler owns shares of Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Bitcoin. 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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AJ Lucas Group Limited (ASX: AJL) shares have been among the best performers on the ASX today on the back of the company’s FY21 first-half (H1 FY21) results. By the market’s close, the AJ Lucas share price had risen an astonishing 120% to 5.5 cents. In earlier trade, AJ Lucas shares surged by as much as 380% to 12 cents before retracing to their current level. 

Let’s take a closer look and see what’s driving the drilling services company’s shares.

What pushed the AJ Lucas share price higher?

The AJ Lucas share price rocketed higher in mid-afternoon trade as investors appeared upbeat with the company’s latest performance.

According to its release, AJ Lucas reported a drop in revenue, but a significant gain in net profit due to a stronger domestic market.

For the six months ending 31 December 2020, AJ Lucas delivered total group revenue of $61.3 million. This represents a fall of 20.9% from the prior corresponding period, driven by lower mining operations resulting from COVID-19.

However, its Australian operations grew over the first-half to offset the revenue loss. In addition, AJ Lucas achieved reduced losses from its United Kingdom operations, an R&D-related tax benefit and lower finance expenses.

This, in turn, helped support the company’s bottom line in which it booked a net profit of $9.9 million. The overall result represented a $20.2 million turnaround from AJ Lucas’ reported $10.3 million loss at the end of December 2019.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came to $15 million from the company’s entire operations. This reflected a 63.5.% jump over the H1 FY20 period in which EBITDA stood at $9.1 million.

Management noted that it is continuing to look for opportunities to strengthen its Australian segment. It’s hoping to further improve on earnings diversification, profitability, and future resilience.

The group closed the calendar year with cash and equivalents of $12.5 million, and $83.5 million of debt obligations.

Words from the CEO

AJ Lucas group CEO Brett Tredinnick hailed the strong scorecard for the first-half, saying:

The result reflected the strong operational performance of Lucas Drilling during the half despite revenue being impacted by COVID-related and other interruptions to clients’ operations.

The drop in revenue in the period was more than offset by the increase in earnings resulting from a better mix of more technical, higher yielding drilling as well as the various operational and corporate efficiency measures taken. The Group is now better positioned to maximise growth opportunities and better withstand any possible future shocks.

The Board and management remain confident in the continued performance of the company’s drilling operations and are buoyed by a recent increase in levels of tender activity.

Outlook

Looking ahead, AJ Lucas advised that it is continuing to see its strong performance run into the second half. The company stated that cash generated from the drilling division will be used to service and reduce its debt. Furthermore, AJ Lucas will seek to explore other business opportunities where it can grow its revenue base.

The AJ Lucas share price is up over 20% since this time last year.

More reading

• Here’s why the Raiz (ASX:RZI) share price is soaring today
• Titomic share price (ASX:TTT) slides lower despite positive update
• Why the EMvision (ASX:EMV) share price is going nowhere
• Why is the Fatfish (ASX: FFG) share price down 10% after posting profit?
• These are the latest ASX shares to be hit by broker downgrades

Motley Fool contributor Aaron Teboneras 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 Titomic Ltd (ASX: TTT) share price is backtracking today despite a partnership agreement to boost revenue-generating opportunities.

At the time of writing, the company’s shares are trading at 60 cents, down 2.24%.

Headquartered in Australia, Titomic specialises in industrial-scale metal additive manufacturing using its patented Titomic Kinetic Fusion (TKF) technology. This allows the company to create high volumes of durable and light complex parts without shape or size constraints.

What’s driving the Titomic share price?

The Titomic share price is trading lower today despite the company’s moves to commercialise its TKF technology.

According to its release, Titomic advised that it has entered a partnership agreement with Pyne & Partners. The collaboration will help Titomic identify government funding and departmental partnership opportunities, mainly in the defence industry.

Under the deal, Pyne & Partners will provide services including:

• Identify and apply for government (including departmental and defence services) work and grants relevant to the defence and modern manufacturing portfolios;
• Identify and harness private sector partnership opportunities; and
• Provide Titomic with pro-active and ongoing government relations support involving its interests in the Federal Government and industry

Why Pyne & Partners?

Titomic noted that Pyne & Partners is focused on helping clients achieve business objectives and manage risk and has considerable knowledge in government policies and the defence sector.

The growing consultancy firm is led by Christopher Pyne, who served as the 54th Australian defence minister. Mr Pyne was responsible for delivering a $200 billion defence program to build up Australia’s military capabilities.

Management commentary

Titomic interim CEO Norbert Schulze welcomed the partnership, saying:

I am delighted to announce this agreement which will enhance Titomic’s recognition in the market and increase the speed in commercialising our new technology.

Pyne & Partners chair Christopher Pyne added:

Pyne & Partners is excited by Titomic’s cutting-edge manufacturing technology and looks forward to working with Titomic to grow the business through securing public and private sector revenue generating opportunities with a focus on the defence sector.

About the Titomic share price

The Titomic share price is down almost 40% compared to this time last year. The company’s shares sank to a low of 45 cents in December before continuing to move sideways.

Based on the current share price, Titomic has a market capitalisation of around $90 million.

More reading

• Why the EMvision (ASX:EMV) share price is going nowhere
• Why is the Fatfish (ASX: FFG) share price down 10% after posting profit?
• These are the latest ASX shares to be hit by broker downgrades
• Leading brokers name 3 ASX shares to buy today
• Is the NAB (ASX:NAB) share price a buy right now?

Motley Fool contributor Aaron Teboneras 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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EMvision Medical Devices Ltd (ASX: EMV) shares are unchanged today after the company announced a trading halt before market open on Friday. At the close of market on Thursday, the EMVision share price was trading at $2.42. 

Let’s take a look at why the small cap medical imaging company requested the pause in trading.

Why are EMVision shares paused?

The EMvision share price was brought to a standstill on Friday morning pending a further announcement by the company. EMvision has advised it is awaiting the outcome of a grant funding application and has requested its shares remain in the halt until the announcement is made or the commencement of normal trading tomorrow.

How has EMvision been performing?

Last Thursday, the EMvision share price was being pushed higher after the release of the company’s half-yearly report for the period ending 30 December 2020.

EMvision reported strong revenue performance, delivering revenue of $1.67 million which was up 48% on the prior corresponding period (pcp). Nonetheless, this did not stop the company from posting a widening loss as it reported outflows of $3.21 million, up 78% on the pcp.

During the half, the company had grant income of $0.36 million, while it also received government support of $50,000. Operating expenses were principally made up of research and development costs associated with its technology.

Operating cash outflows for the half year were $1,059,119. However, thanks to the issuing of new shares financing, cash inflows came in at $8.7 million. As such, the company had a net asset position of $12.9 million as of 31 December 2020.

Commenting on the company’s progress, management stated that:

As an early stage company, the company’s business model is highly dependent on the achievement of continued technical development success as well as future funding, customer engagement and general financial and economic factors.

About the EMvision share price

It has been an average six months for the EMvision share price which has seen a rise of 7.56%. In comparison, the All Ordinaries Index (ASX: XAO) has returned 12.2% over the same period.

EMvision is an Australian company focused on the development and commercialisation of medical imaging technology. Primarily, it is focused on developing a cost-effective, portable, medical imaging device using electromagnetic microwave imaging for diagnosis and monitoring of stroke and other medical applications.

Based on the current EMvision share price, the company has a market capitalisation of around $171 million.

More reading

• Why is the Fatfish (ASX: FFG) share price down 10% after posting profit?
• These are the latest ASX shares to be hit by broker downgrades
• Leading brokers name 3 ASX shares to buy today
• Is the NAB (ASX:NAB) share price a buy right now?
• What’s with the Botanix (ASX:BOT) share price today?

Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of EMvision Medical Devices Limited. 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 Fatfish Group Ltd (ASX: FFG) share price is under pressure today despite posting its first profit in 4 years. The tech venture builder company’s shares are currently swapping hands at 13.5 cents. This is down 10% on yesterday’s close.

The Fatfish share price drop follows the release of the company’s preliminary final report for FY2020.

What was in the report?

For the 12 months ended 31 December 2020, Fatfish Group reported a net profit after tax of $191,000. This compares to a loss of more than $14 million net in the prior corresponding period (pcp).

The gross profits, however, are more precarious. The group went from $1.1 million in the pcp to $519,000 in FY2020. This calculates at a 54% drop over the two periods. Meanwhile, operating costs were down from $1.6 million in the pcp to $180,000. Sales fell from $2.7 million to nearly $700,000.

The nearly $2 million drop in revenue can be attributed to a cessation of online sales. A $167,000 drop in income from cryptocurrency mining is balanced out by a rise in interest revenue and services income.

The large difference between gross and net profit mostly stems from a $10.6 million loss in unrealised gains on investments at fair value to a $1.7 million positive.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year was at $526,000. Net assets increased by 57% on the pcp to total $18.2 million.

Earnings per share (EPS) were reported at 0.26 cents. This compares to a 1.73 cent loss in FY2019.

The company did not pay a dividend for the period.

Mergers and partnerships

In today’s report, Fatfish group also announced its subsidiary, Fatfish Global Ventures, has merged with Abelco Investment Group AB. As a result, Fatfish Group now owns a controlling stake (50.1%) of Abelco Group.

In a separate statement, Fatfish announced it was entering into a strategic partnership agreement with KryptoPOS – a cloud-based point-of-sale (POS) software company with operations in Malaysia and Indonesia. Through its subsidiary, Smartfunding, Fatfish will roll-out its buy now, pay later (BNPL) service to merchants using the KryptoPOS software.

The release said the partnership entailed sharing behavioural and data analytics between KryptoPOS and Smartfunding (according to consent and privacy laws), allowing Smartfunding to improve its credit analysis capability and pre-approve merchants with good credit standing for its BNPL services.

The partnership would involve a revenue-sharing arrangement entitling KryptoPOS to 15-30% of the net revenue for the transactions originated via the strategic partnership.

Words from the CEO

Commenting on the financial results, Fatfish CEO Kin Wai Lau said:

Financial year 2020 is a very interesting period for the Fatfish Group, with the group making its first profit since 2017.

Having concluded and secured our majority controlling stake in Abelco, the management is hopeful about opportunities we have in the innovation hot-bed of Nordic countries in Europe.

He went on to say that the company was excited to continue to grow its businesses, especially the recently launched BNPL services offered by Smartfunding and the online insurance of Fatberry.

We have a very capable and localised team that understands the tech landscape of Southeast Asia well, and this in (sic) shall position us well for the expansion of our core business over the next 18-24 months.

Fatfish share price snapshot

Despite today’s rocky showing, the Fatfish share price is trading substantially higher than this time last year. In early March 2020, shares in Fatfish were trading at 1 cent each – a 1400% increase!

The majority of this rise has occurred over the past month. The Fatfish share price was trading at 3 cents at the beginning of February before hitting a high of 27 cents on 16 February.

More reading

• What’s going on with the Fatfish (ASX:FFG) share price today?
• Why the Fatfish (ASX:FGG) share price is charging 10% higher
• Why the Cirralto (ASX:CRO) share price is in a trading halt
• What’s with the Afterpay (ASX:APT) share price fall today?
• Why the Fatfish (ASX:FFG) share price is diving 21% today

Motley Fool contributor Marc Sidarous 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.

The post Why is the Fatfish (ASX: FFG) share price down 10% after posting profit? appeared first on The Motley Fool Australia.

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The market bounced from the Friday sell-off but this didn’t stop top brokers from downgrading a number of ASX shares today.

The S&P/ASX 200 Index (Index:^AXJO) jumped 1.5% in after lunch trade to 6,765 points with all sectors bar materials trading in the black.

Even the Orica Ltd (ASX: ORI) share price is recovering from its disappointing market update and the retirement of its chief executive.

Earnings getting blown down

The news was enough to prompt Macquarie Group Ltd (ASX: MQG) to downgrade the explosives and chemical maker to “neutral” from “outperform”.

The broker lowered its rating on the Orica share price after management warned that its first half earnings before interest and tax (EBIT) would take a $105 million to $125 million hit.

Impact from COVID-19 played a large part but the weak Chinese thermal coal market and unfavourable exchange rates also weighed.

Uncertainty prompts broker downgrade

“We lower our recommendation to Neutral, given the lack of earnings visibility, CEO transition and tightened balance sheet metrics,” said Macquarie.

“Investors are likely to focus on post-COVID earnings in FY22 and FY23; however, ORI needs to get through FY21 first.”

The broker’s 12-month price target on the Orica share price is $13.65 a share.

When good isn’t good enough

Another stock to be hit by a broker downgrade is the Harvey Norman Holdings Limited (ASX: HVN) share price.

Goldman Sachs lowered its recommendation on the Harvey Norman share price to “neutral” from “buy” even after the electronics and furniture retailer posted a solid profit result.

Harvey Norman has been a COVID winner with stuck-at-home consumers buying stuff for their homes.

Earnings upgraded but recommendation downgraded

The big rebound in the residential housing market is another boon for the Harvey Norman share price. New homes require new furniture.

Goldman lifted its net profit forecast for the group by 12.2% in FY21 due to pandemic spending and 17% in FY22 due to the housing boom.

“While the housing cycle is likely to provide some buffer to the earnings outlook over FY22 and FY23, the peak trading seen in the June quarter 2020 to March quarter 2021 are unlikely to be sustained, in our view,” said Goldman.

“Despite the upgrade, we forecast FY22 EBIT to decline 30% on FY21.”

The broker’s 12-month price target on the Harvey Norman share price is $5.10 a share.

More reading

• Leading brokers name 3 ASX shares to buy today
• What bulls and bears say about the Macquarie (ASX:MQG) share price
• ASX 200 up 1.5%: Afterpay & Zip jump, Fortescue tumbles
• Has the Harvey Norman (ASX:HVN) share price peaked?
• These were the worst performing ASX 200 shares in February

Motley Fool contributor Brendon Lau owns shares of Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Afterpay Ltd (ASX: APT)

According to a note out of Ord Minnett, its analysts have retained their buy rating and lifted the price target on this payments company’s shares to $150.00. The broker made the move after Afterpay delivered further strong growth in the United States and United Kingdom during the first half. Looking ahead, Ord Minnett believes the launch of the Afterpay Money app will strengthen appeal to young consumers. The Afterpay share price is fetching $126.28 on Monday.

BWX Ltd (ASX: BWX)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this personal care products company’s shares to $5.30. According to the note, the broker was pleased with its half year results and guidance for the full year. It also notes that the company has signed a deal with Chemist Warehouse and Woolworths Group Ltd (ASX: WOW). The latter means its Sukin products are now ranged in Australia’s two largest supermarkets. The BWX share price is trading at $4.43 this afternoon.

Harvey Norman Holdings Limited (ASX: HVN)

Analysts at Citi have retained their buy rating and $6.00 price target on this retail giant’s shares following its first half results. According to the note, Harvey Norman delivered a strong half year update, which was in line with the broker expectations. And while its growth will slow in the second half, the broker still believes its shares offer value for money at the current level. The Harvey Norman share price is fetching $5.26 on Monday.

More reading

• Here’s how much Afterpay (ASX:APT) rival Klarna is worth now
• Why Afterpay, Austal, Reece, & Service Stream shares are racing higher
• ASX 200 up 1.5%: Afterpay & Zip jump, Fortescue tumbles
• BNPL providers like Afterpay (ASX:APT) set for increased regulation
• Will the Afterpay (ASX:APT) share price go higher in 2021? Here’s what Goldman Sachs thinks.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia owns shares of AFTERPAY T 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 National Australia Bank Ltd (ASX: NAB) share price has gone up by more than 9% so far in 2021. Is it a buy right now? Some brokers have had their say.

What’s happening right now with NAB?

The NAB share price is moving about with a bit of volatility at the moment as markets react to the opposing thoughts about interest rates.

On the one hand, RBA governor boss Dr Lowe said that he doesn’t expect the official cash rate to rise for at least three years, unless the economy manages to recover sooner.

However, before today, bond yields had been climbing. The Australian Financial Review quoted Tamar Hamlyn from Ardea Investment Management:

The earlier part of the move was driven by rising inflation expectations because one of the components for bond yields is compensation for inflation. More recently, the increase in bond yields has continued and it has come about by an increase in real yields. If people think that economic growth is going to improve, then real returns – economic growth after inflation – are likely to improve across the entire economy because it’s easier to generate positive returns when the global economy is growing.

It was only a couple of weeks ago that the big four ASX bank released its FY21 first quarter update.

FY21 first quarter

The NAB share price responded positively after revealing it made $1.7 billion of statutory net profit and $1.65 billion of cash earnings.

NAB explained that improving economic trends have been a key driver of the first quarter result, with cash earnings 47% higher than the FY20 second half quarterly average primarily driven by low credit impairment charges. The bank said that at an underlying level, performance has been sound in the current competitive, low interest rate environment.

It said that it made 1% cash earnings growth compared to the first quarter of FY20. However, cash earnings before tax and credit impairment charges were down 6%.

But it still isn’t plain sailing yet, according to the bank’s CEO, Ross McEwan, who said:

Improving economic and health outcomes in Australia and New Zealand are encouraging, as are the reductions we are seeing in deferral balances. However, there are still a number of uncertainties regarding further clarity. These include the impact on customers of ongoing health alerts and measures put in place to contain the spread of COVID-19, and the wind-down of deferral and jobkeeper programs. Supporting customers and keeping the bank safe through this period remain our priorities.

Broker thoughts

UBS said that its cash net profit was better than expectations due to the fact that impairment charges were lower. It was the lowest impairment charge since it started giving quarterly earnings updates over a decade ago. Its balance sheet was stronger than expected, with a common equity tier 1 (CET1) capital ratio of 11.7%. UBS has a NAB share price target of $27.

Credit Suisse is another broker that has a share price target of $27 for NAB shares. The broker has decreased its expectations of bad debts for NAB, meaning it’s now expecting higher profit from NAB.

Both brokers think that NAB shares are currently a buy.

More reading

• ASX 200 Weekly Wrap: Friday carnage ruins last week of ASX earnings
• ASX investors watch out for a rise in interest rates in 2022
• ASX 200 Weekly Wrap: ASX lower despite bumper dividends
• Westpac (ASX:WBC) share price on watch as it delivers $2bn quarterly profit result
• ASX 200 rises 0.7%, Redbubble sinks, BHP dividend jumps

Motley Fool contributor Tristan Harrison 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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Botanix Pharmaceuticals Ltd (ASX: BOT) shares are flat today following the company’s release of its FY21 half-year results on Friday night. At the time of writing, the Botanix share price is trading at 11 cents, the same price at which it closed Friday’s session. 

It seems the weekend has given shareholders plenty of time to digest the pharmaceutical cannabinoid company’s numbers, leaving them indifferent.

Botanix share price fails to ignite

Due to the pre-revenue nature of pharmaceutical development, Botanix is heavily reliant on non-operational income. And today, the Botanix share price is languishing after the company recorded a 14% decrease in its operational revenue to $88,871.

As a result, the company significantly reduced its expenditure during the half, particularly on employee benefits and research and development (R&D) expenses. The addition of a considerable $6.88 million R&D incentive scheme refund also enabled the company to deliver a profit of $664,129 for the half.

Botanix continued working on the development of its range of treatments including BTX 1801, BTX 1702, and BTX 1503. In February, the company announced positive data from its BTX 1801 Phase 2a nasal decolonisation proof of concept study.

Other news

Today, Botanix also announced the expansion of its management team with the addition of three new hires in the United States. The company advised the purpose of the new roles is to drive its antimicrobial and dermatology programs.

The new hires will assume the positions of chief medical officer, vice president, and head of commercial. These additions also come with the termination of executive director Michael Thurn.

Botanix mentioned in the announcement that recent positive data from its BTX 1801 antimicrobial study underpins the acceleration of the company’s commercial capabilities.

Botanix share price under the microscope

Botanix is in the clinical development of synthetic cannabinoid pharmaceuticals. The company’s primary focus is on dermatology and antimicrobial applications.

Despite the volatility, the S&P/ASX 200 Index (ASX: XJO) has now returned around 5.7% to investors in the past year. In comparison, the Botanix share price has netted shareholders more than 57% returns over the same period, a return nearly ten times that of the index.

However, in less positive news, Botanix shares have slipped by around 35% over the past month. 

More reading

• Botanix (ASX:BOT) share price falls despite big tax refund
• Why the Botanix (ASX:BOT) share price is rocketing 31% higher today

Motley Fool contributor Mitchell Lawler 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 Magnis Energy Technologies Ltd (ASX: MNS) share price is shooting higher today. This comes after the battery technology company released positive initial results for its fast charging (FC) battery program.

During afternoon trade, the company’s shares are up 12.07% to 33 cents. In the first hour of trade this morning, the Magnis share price reached as high as 35.5 cents.

Magnis share price rises on significant results

The Magnis share price is on the move today as investors appear upbeat following the company’s latest update.

In its announcement, Magnis reported that it has received initial successful test results in its FC battery program. Using optimised cells developed by partner company Charge CCCV, Magnis achieved 93% battery capacity retention after 600 cycles. This occurred by the company adopting a 30-minute charge and 30-minute discharge process.

Magnis advised that following the excellent outcome, it has moved to more aggressive tests with extra fast charging (EFC) batteries. The new test work will aim to attain an 85% charge within 6 minutes.

Magnis explained that its EFC tests are using optimised cells that have 99% energy density of a regular iM3 energy cell. This means that an FC battery cell can slow down energy density loss when compared to a traditional battery cell.

Market opportunity

Charge CCCV (which is the technology partner of Magnis) is engaged with commercial electric vehicle manufacturers to develop a low-cost sustainable EFC battery.

As announced in July last year, Charge CCCV will provide batteries for a New York demonstration bus trial, with the EFC system to be installed on some New York City bus routes. The program’s purpose is to create a more environmentally friendly transportation alternative operating in one of the world’s busiest cities. It’s estimated that if the system is deployed city-wide, over 500,000 metric tonnes of carbon dioxide will be removed each year.

The EFC cells to be used in the bus program are expected to be completed and delivered sometime this week.

What did the head of Magnis say?

Magnis chair Frank Poullas hailed the milestone results, saying:

We are really excited by this technology from Day 1 as it will be a game changer for the commercial transport industry. Today’s announced results are an early step forward toward turning this technology into a commercialised product.

The Magnis share price has accelerated by more than 300% over the last 12 months.

More reading

• Here’s why the Magnis (ASX:MNS) share price surged 15% this morning

Motley Fool contributor Aaron Teboneras 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.

The post Here’s why the Magnis (ASX:MNS) share price is powering up 12% today appeared first on The Motley Fool Australia.

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