The Incannex Healthcare Limited (ASX: IHL) share price has hit a 5-year high at 29 cents during early trade. The shares have since retreated back to 26 cents, up 18%.

All the excitement comes after the company released an announcement this morning pertaining to an ongoing research program.

Positive results prompting further research

Incannex Healthcare is a pharmaceutical development company utilising medicinal cannabis and psychedelics to generate treatments for a range of disorders and diseases. In today’s update, Incannex discussed the positive results of using its proprietary anti-inflammatory IHL-675A in treating inflammatory bowel disease (IBD).

The company’s IHL-675A treatment is a combination of cannabidiol ‘CBD’ and hydroxychloroquine ‘HCQ’. As stated in the announcement, the pre-clinical in-vivo (in animal) study showed positive results when used to treat a mouse with a form of inflammatory bowel disease.

Furthermore, this result extends the possibilities of inflammatory treatments from the existing target indications shown for asthma, bronchitis, SAARDS, and COPD. Incannex accordingly highlighted the potential for IHL-675A to become a multi-use medication. The company has initiated its fifth research program following the promising results.

Where to from here for Incannex?

Incannex plans to now expand discussions with research organisations and regulators to press forward with clinical studies and a regulatory strategy. The company expects the Food and Drug Administration’s (FDA) new drug application pathway will be an available avenue for the inflammatory bowel disease indication.

According to the numbers supplied in the report, the IBD market is expected to reach US$22.4 billion by 2026. This will provide a large opportunity for any developments in the space.

Incannex share price snapshot

The Incannex share price has outperformed the market over the last year, netting shareholders a return of 324%. Most of those returns came about after September when the share price broke out above 7 cents. 

Including today’s gains, the pharmaceutical developer now has a market capitalisation of $230 million.

More reading

• Why the Incannex (ASX:IHL) share price is soaring 13%
• The Incannex (ASX:IHL) share price is surging 7% higher today. Here’s why

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 Bendigo and Adelaide Bank Ltd (ASX: BEN) share price closed its trading day at $11.28 this afternoon. That’s a 6.82% gain for the session and a fresh 12-month high.

Let’s look at the bank’s half-year results released yesterday and see what might have sent the Bendigo Bank share price sailing higher.

Bendigo Bank share price soars after strong results

In its announcement for the half-year ending 31 December 2020, Bendigo reported a 67.3% statuary net profit gain of $243.9 million. Total income growth popped 3.3% to $849 million, and cash earnings were up 1.9%, coming in at $219.7 million.

Management said growth in the bank’s lending portfolios and increased hedging revenue drove these achievements. 

Operating expenses dropped 3.1% during the period to $571.4 million, and Bendigo reiterated its focus on achieving “sustainable cost reductions across the business”.

The bank’s board declared a fully franked dividend of 28 cents per share. This comprises 4.5 cents per share relating to the final deferred dividend for FY20, and 23.5 cents per share relating to the FY21 interim dividend.

Looking ahead

Sharing her insight about the outlook for the Bendigo Bank share price over the coming months, CEO and managing director Marnie Baker said:

With business confidence and consumer sentiment up, an ongoing low-rate environment, a growing housing market, an improving jobs market, continued growth in regional Australia, and our customers showing remarkable resilience and adaptability, we are buoyed by the outlook.

However, we always take a long-term view, and we remain mindful of the global and local impacts of the pandemic, international trade sentiment, decisions on government support measures and the ongoing reality of natural disasters and climate change.

Looking ahead, supported by our growth and transformation strategy, we continue to target above system residential lending and further growth in small business and agribusiness sectors, whilst reducing our cost base, and maintaining a strong and resilient balance sheet.

The Bendigo Bank share price has risen 65% over the past 6-month period.

More reading

• Leading brokers name 3 ASX shares to sell today
• ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses
• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• Why the Bendigo and Adelaide Bank (ASX:BEN) share price is storming 8% higher today
• Leading brokers name 3 ASX shares to sell today

Motley Fool contributor Gretchen Kennedy owns shares of Bendigo and Adelaide Bank 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 Farm Pride Foods Ltd (ASX: FRM) share price is surging higher today. This comes after the company announced an update in regards to its business operations following the Avian Influenza outbreak.

During the late afternoon trade, shares in the vertically integrated egg producer are up 28.2% to 25 cents.

What did Farm Pride announce?

According to its release, Farm Pride advised that it has received a Revocation of Quarantine Notice from Agriculture Victoria. The notice was in regards to its 2 previously affected sites. This follows the confirmed Avian Influenza outbreak that occurred in August last year at two of its farms.

The issued notice will be welcoming news for the company as the closure of both farms saw it lose 33% of its productive hen flock.

On being granted approval, Farm Pride has sought to quickly restock the two sites to their maximum capacity. The company will focus on cage-free and free-range egg production.

In addition to the positive news, Farm Pride stated that it conducted a strategic review of all operations soon after the outbreak.

To improve its margins and recover from the financial fallout, Farm Pride determined that its farm in Pittsworth, Queensland will be sold off. It noted that it does not consider the farm to be a core asset and important to its long-term strategy. As a result, Farm Pride launched an open market expression of interest (EOI) process. This was facilitated by CBRE Brisbane late last year.

More recently, an unconditional contract has been entered with Hall & McLean Pty Ltd to purchase the farm and its associated assets. The sale of the farm has been agreed to an amount of $3.1 million excluding expenses. Settlement is expected to occur sometime in the middle of March.

Farm Pride will allocate the funds to its working capital to support business development, capital expenditure, and to reduce debt.

Furthermore, the company revealed it will seek to take extra measures to shore up its balance sheet, and strengthen its working capital.

About the Farm Pride share price

Despite today’s meteoric rise, the Farm Pride share price has been a poor performer. In particular, over the last 12 months, falling 18%.

The company’s shares hit a multi-year low of 15 cents in March, before moving on a rollercoaster ride.

Based on the current share price, Farm Pride has a market capitalisation of around $13 million.

More reading

• Bendigo Bank (ASX:BEN) share price touches 12-month high
• Why the Redflow (ASX:RFX) share price rocketed 39% higher today
• Bank of Queensland (ASX:BOQ) shares hit a 52-week high today
• The latest ASX shares upgraded by brokers to “buy” during the reporting season
• ASX 200 rises 0.7%, Redbubble sinks, BHP dividend jumps

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 Redflow Ltd (ASX: RFX) share price was among the best performers on the Australian share market today.

The energy storage company’s shares jumped as much as 39% to a 52-week high of 10 cents at one stage.

The Redflow share price ultimately ended the day 35% higher at 9.7 cents.

Why did the Redflow share price rocket higher?

Investors were fighting so hard to get hold of the company’s shares this morning that it received a speeding ticket from the ASX Ltd (ASX: ASX).

And just like Zip Co Ltd (ASX: Z1P) said when it received its own speeding ticket today, Redflow advised that it was “not aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities.”

As with Zip, the company pointed to a recent announcement as a possible reason for the strong rise in the Redflow share price.

What was the announcement?

Redflow told the Australian Stock Exchange operator that its announcement on 11 February 2021 was positively received at the time.

That announcement revealed that it has partnered with telco giant Optus to deploy Redflow batteries as part of the Australian Government’s Mobile Network Hardening Program.

The Australian Government announced the $13.2 million program last December to enable Telstra Corporation Ltd (ASX: TLS), Optus, and TPG Telecom Ltd (ASX: TPG) to extend the battery backup at 467 mobile phone towers for a minimum of 12 hours. This is in recognition that most power outages occur during emergencies.

Last week, Optus installed its first Redflow battery system under the Government’s program at a black spot site in Lexton, Victoria. The telco is now planning to deploy Redflow batteries in at least 56 black spot sites as part of the program. Optus has also used Redflow batteries in the environmentally sensitive Daintree Forest in Queensland since 2019.

Redflow’s Managing Director and CEO, Tim Harris, believes Redflow’s battery design was ideally suited for the Mobile Network Resiliency Program.

He commented: “Redflow’s solution is suited to warm climates, has lower fire risk than other battery chemistries, is easily integrated with existing batteries, has an energy-saving standby power mode and carries strong environmental credentials. Redflow batteries will play an important role in improving the resiliency of networks, particularly in bushfire-prone areas.”

Following today’s gain, the Redflow share price is up a whopping 273% since the start of the year.

More reading

• Bank of Queensland (ASX:BOQ) shares hit a 52-week high today
• The latest ASX shares upgraded by brokers to “buy” during the reporting season
• ASX 200 rises 0.7%, Redbubble sinks, BHP dividend jumps
• Where next for the Nearmap (ASX:NEA) share price?
• Why the Aspermont (ASX:ASP) share price is rocketing 62% higher

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 ZIPCOLTD FPO. 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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The Bank of Queensland Limited (ASX: BOQ) share price touched a new 52-week high this morning. BOQ shares closed at $8.60 yesterday and opened at $8.59 this morning. Just after open, investors sent its shares up 1.2% to a new 52-week high of $8.78 a share.

The market got cold feet soon after though, and Bank of Queensland shares are down 0.47% for the day at a share price of $8.55 at the time of writing. Even so, the company’s share price is now up a healthy 10.18% year to date.

This is a significant move for the bank. Today’s rise means that the company was trading at a level higher than where it commanded this time last year, just before the coronavirus pandemic sent markets into a tailspin.

Bank of Queensland shares are now up around 90% from the lows that we saw last May. Those lows were significant as well, since the $4.51 share price BoQ hit in mid-May was the lowest share price the company had seen since back in 1999. I guess investors took that Prince song a little too literally back then.

So what could be behind today’s move to a new 52-week high?

Bank of Queensland shares bump to new high

Well, BoQ did announce a new non-executive director to the markets before yesterday’s open. The company told us that Mickie Rosen would assume the role of non-executive director, effective 4 March 2021. However, it’s unlikely that this announcement is behind today’s move.

Instead, we can possibly put today’s move down to general positive sentiment over the entire ASX banking sector. Ever since the Reserve Bank of Australia (RBA) announced an extension of its quantitative easing (QE) program earlier in the month, ASX bank shares have been trending higher. Banks are quite leveraged to the overall levels of economic growth in the economy. Thus, a continuation of easy monetary policy from the RBA has been taken as good news for ASX bank shares.

Further, the Commonwealth Bank of Australia (ASX: CBA) reported its half-year results last week. Since then, investors have been rather taken with the ASX banks – perhaps an effect of CBA increasing its interim dividend to $1.50 a share.

That’s up from the 98 cents per share final dividend that CBA paid out last year. After a drought of a year in terms of dividends in 2020, some enthusiasm over shareholder payouts climbing again is certainly understandable.

More reading

• Here’s why the CBA (ASX:CBA) share price is underperforming today
• Morgan Stanley: ASX earnings season is topping expectations
• How CBA (ASX:CBA)’s CommSec expanded its millennial footprint
• ASX 200 Weekly Wrap: ASX cools on earnings reality check
• Is the CBA (ASX:CBA) share price a buy?

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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The market hit a fresh one-year high during the profit reporting season, but the strong rise didn’t deter brokers from upgrading these ASX shares to “buy” today.

The S&P/ASX 200 Index (Index:^AXJO) rose 0.5% ahead of the market close to 6,907 – its highest level since February 2020.

Positive results from the unfolding reporting season are fuelling the bullish sentiment, but this isn’t the only reason the Inghams Group Ltd (ASX: ING) share price is jumping.

Winner winner chicken dinner

The Inghams share price added 3.2% to $3.60 at the time of writing after Macquarie Group Ltd (ASX: MQG) upgraded it to “outperform” from “neutral”.

Weak prices haven’t made as big a dent on the poultry supplier’s bottom line as this has been offset by a bounce in volume.

Sales recovery prompts share upgrade

“Industry feedback suggests that orders have improved post the initial COVID-19 shock,” said the broker.

“Volumes have been strong in the Dec half (continuation of Sep Qtr) and pricing has been fairly stable. Feed costs are also coming down given the strong 2020/21 winter crop but won’t flow through to ING until 4Q21.”

Strong sales figures posted by Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) are also a positive sign for Inghams.

Macquarie’s 12-month price target on the Inghams share price is $3.78 a share.

Bad news is in the price

Meanwhile, the underperforming Altium Limited (ASX: ALU) share price is a buying opportunity, according to UBS.

The printed circuit board design software developer recently posted a disappointing half year result but that didn’t stop UBS from lifting its rating to “buy” from “neutral”.

Altium’s earnings missed consensus forecast and management warned that full year revenue and earnings will come in at the lower end of its guidance.

Upgraded to “buy” for longer-term opportunity

“We sit at the bottom end of both revenue and EBITDA guidance but believe the market reaction today suggests many see considerable risk to achieving this 2H skew,” said UBS. “We admit some risk but also see 2H tailwinds.”

These tailwinds include pent-up demand for its offerings as business confidence rebounds from the COVID-19 impact, a return to normal pricing levels and positive currency tailwinds.

“Our industry feedback continues to be supportive of ALU’s product leadership and upside from its long-term aspirations,” added the broker.

“We believe ALU’s strong balance sheet position may allow it to capitalise on M&A opportunities medium-term.”

More reading

• ASX 200 rises 0.7%, Redbubble sinks, BHP dividend jumps
• NRW (ASX:NWH) share price jumps on acquisition update
• 3 things you might have missed from the Altium (ASX:ALU) half year result
• ASX 200 up 0.5%: BHP impresses, NAB rises, Zip rockets
• Why the Ansell (ASX:ANN) share price is lifting this morning

Brendon Lau owns shares of Macquarie Group Limited and Woolworths Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of Altium, COLESGROUP DEF SET, and 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 S&P/ASX 200 Index (ASX: XJO) rose by around 0.7% today to 6,917 points.

We’re now into the thick of reporting season, with results flowing from both the blue chips and some of the smaller ASX shares.

Here are some of the highlights from today:

BHP Group Ltd’s (ASX: BHP) big dividend

The ASX 200’s biggest resource company announced its FY21 half-year result to investors today.

One of the main headline-grabbers was that the BHP board decided to increase its interim dividend by 55% to US$1.01 per share.

BHP reported that its profit from operations rose by 17% to US$9.75 billion. Statutory attributable profit fell by 20% to US$3.9 billion which included an ‘exceptional’ loss of US$2.2 billion predominately relating to the impairments of New South Wales Energy Coal (NSWEC) and the associated deferred tax assets, and Cerrejon.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 21% US$14.7 billion and underlying attributable profit rose 16% to US$6 billion.

Net debt reduced by 7% to US$11.84 billion after net operating cashflow rose 26% to US$9.37 billion. Free cashflow was US$5.2 billion, reflecting higher iron ore prices and copper prices with strong operational performance, according to BHP.

BHP’s management said that the divestment process for its interests in BHP Mitsui Coal, NSWEC and Cerrejon is progressing, with extensive due diligence being undertaken to assess both demerger and trade sale opportunities by the ASX 200 business.

The CEO of BHP, Mike Henry, said: “Our outlook for global economic growth and commodity demand remains positive, with policymakers in key economies signalling a durable commitment to growth and signalling ambitions to tackle climate change. These factors, combined with population growth and rising living standards, are expected to drive continuing growth in demand for energy, metals and fertilisers.”

Redbubble Ltd (ASX: RBL)

The Redbubble share price ended the day lower by around 18% after revealing its FY21 half-year result.

The artist product e-commerce business reported that its marketplace revenue was up 96% to $353 million, whilst gross profit grew by 118% to $144 million.

Redbubble generated $80 million of operating cashflow and $42 million of earnings before interest and tax (EBIT).

The business finished with $130 million of cash on the balance sheet.

Redbubble disclosed that for the month of January 2021, marketplace revenue (paid) grew by 66%, or 82% on a constant currency basis.

The Redbubble CEO, Michael Ilczynski, said: “The strategic priority for the group now is to ensure we extend that market leadership we have established. We intend to invest in both the artist and customer experiences, to improve loyalty and retention and to ensure long-term growth.”

National Australia Bank Ltd (ASX: NAB)

The NAB share price rose by more than 1% today after announcing its FY21 first quarter result.

The big ASX 200 bank said that it generated $1.7 billion of statutory net profit and $1.65 billion of cash earnings. NAB said that cash earnings were 47% higher than the FY20 second half quarterly average. It said that the net interest margin (NIM) declined but was stable excluding the impact of markets and treasury, and higher liquids.

Compared to the prior corresponding period, cash earnings rose by 1%, though cash profit before tax and credit impairment charges fell 6%.

NAB said that its credit impairment charges fell by 98%, compared to the FY20 second half quarterly average, to $15 million.

The big four ASX bank said that its group common equity tier 1 (CET1) ratio was 11.7%, which was an increase from 11.5% on 30 September 2020.

NAB’s CEO Ross McEwan said: “Implementation of our strategy is proceeding well as we invest for the long-term and focus on initiatives that make a real difference to our customers and colleagues. While there is still much to do, it is pleasing to see momentum building in our core businesses as we simplify and streamline our processes and policies and enhance our digital offerings.”

More reading

• NRW (ASX:NWH) share price jumps on acquisition update
• The NAB (ASX:NAB) share price is up after 47% profit growth in Q1
• Why ARB, Domain, Redbubble, & Treasury Wine shares are sinking today
• 2 ASX dividend shares rated as buys by brokers
• ASX 200 up 0.5%: BHP impresses, NAB rises, Zip rockets

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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The Nearmap Ltd (ASX: NEA) share price appears to have put its short seller attack behind it.

This afternoon the aerial imagery technology and location data company’s shares closed the day around 1% higher at $2.11.

This means the Nearmap share price is now up 23% since coming out of its trading halt.

It is also trading 11.1% higher than where its shares were trading prior to the release of the short seller report.

Can the Nearmap share price go even higher?

According to a note out of Goldman Sachs, it believes the Nearmap share price can still go higher from here.

In response to its half year results, this morning the broker reaffirmed its buy rating and increased its price target on the company’s shares by 7% to $2.95.

Based on the current Nearmap share price, the implies potential upside of approximately 14% over the next 12 months.

What did Goldman Sachs say?

Goldman was pleased with Nearmap’s performance during the first half and notes that a number of key metrics came in ahead of its forecasts.

It commented: “NEA delivered a solid start to 1H21 with Annualised Contract Value growth, revenues and earnings all ahead of our forecasts.”

“We expect NEA’s share price to outperform on continued positive trends on new business growth. In fact, some indicators are supportive of this: growth in subscriber numbers was +4% in ANZ and +24% in North America, while average revenues per subscriber were +5% in ANZ and +13% in North America.”

“These metrics should be broadly indicative of a strong value proposition and as a result we believe that new business wins can accelerate from here. Our investment case remains unchanged per our recent upgrade to Buy,” it added.

Also rating its shares as a buy today were Citi and Morgan Stanley. They both have slightly higher price targets of $3.10 on Nearmap’s shares.

More reading

• ASX 200 rises, JB Hi-Fi profit soars, Altium drops
• ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses
• Nearmap (ASX:NEA) share price soars 14% after response to short sellers
• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• Why the Nearmap (ASX:NEA) share price is surging 12% higher

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 Nearmap Ltd. The Motley Fool Australia has recommended Nearmap 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 Aspermont Ltd (ASX: ASP) share price is one of the best standout performers today, rising 55% to 4.5 cents at the time of writing.

The latest rise in the company’s shares comes after Aspermont reported its quarterly update for 2021 to investors last week.

It’s worth noting that recent surge in the company’s shares marks an all-time record.

Quick take on Aspermont

Headquartered in Australia, Aspermont is a leading media services provider to the global mining and resources industry. The company delivers subscription-based content through digital print, conferencing, and event channels.

Aspermont has offices in the United Kingdom, Australia, Brazil, North America, and the Philippines.

Key highlights of the Aspermont Q1 result

The Aspermont share price is on the move as investors are fighting to get a hold of its shares.

At the end of the December period, Aspermont delivered growth in all revenue streams excluding live events which were suspended due to COVID-19. This equated to total revenue of $15.2 million for the company, with recurring revenue standing at 75%.

The number of subscriptions increased to 7,885 which resulted in a 13% lift year-on-year. Monthly active users came to more than 250,000 users, representing a 20% compound annual growth rate.

Aspermont recorded annual contract value (ACV) at $8.9 million, up 6.4% compared quarter on quarter.

Normalised earnings before interest, tax, depreciation and amortisation (EBITDA) rose 220% to $0.4 million. This was in contrast to the $70,000 achieved over the prior corresponding period (pcp).

Aspermont reported a cash balance of $4.6 million with no debt at the end of December.

Management commentary

Aspermont Managing Director, Alex Kent, hailed the outstanding results, saying:

Aspermont had a solid first quarter despite the impact of COVID-19 on the events business.

Our commercial models have proven to be robust, which enables us to increase revenue by launching new products with improved gross margins for the company despite the economic conditions.

A catalyst for the strong rise in the Aspermont share price?

In the company’s Q1 highlights, management took the time to reflect on the company’s share price. It said:

As a board, we consider Aspermont to be significantly undervalued compared to other global Mediatech peer companies, but we are pleased to see the recent rise in share liquidity as our new Frankfurt stock Exchange listing has attracted new investors in Germany. Our growth prospects are improving quarter by quarter as we enter new markets, with an increased focus on Asia.

More reading

• The Fatfish (ASX:FFG) share price has exploded 155% higher today
• Leading brokers name 3 ASX shares to sell today
• Payright (ASX:PYR) shares get speeding ticket after 32% surge
• The Cirralto (ASX:CRO) share price is hitting 52-week highs today
• Why is the Reckon (ASX:RKN) share price on the rise today?

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 Fatfish Group Ltd (ASX: FFG) share price is going gangbusters today. At the time of writing, shares in the global tech investment company have rocketed a whopping 155.43% higher to 24 cents a share.

With no fresh news from the company, let’s look at what else may have lit the Fatfish share price on fire today.

What’s been happening lately?

Yesterday, we rang in that the Fatfish share price jumped 74%. The price spike came after Fatfish investee iCandy Interactive Ltd (ASX: ICI) announced the conditional sale of iCandy Digital to Rightbridge Ventures for $4.8 million.

The transaction does not drive any material change to Fatfish’s interest in iCandy, so it’s not necessarily a share price mover.

The company maintains that its share price rally has been set off by the buy now, pay later (BNPL) frenzy that the market’s witnessed lately via companies like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).

Both the Afterpay and Zip Co share prices have more than doubled in the past 6-month period.

Investors will likely be keeping an eye on the Fatfish share price on Thursday, 18 February 2021, when the company officially launches its new Smartfunding BNPL service.

Fatfish share price flies following Bitcoin boom

Since last Wednesday, when we talked about how Fatfish is invested in Bitcoin, shares in the company have leapt around 560%.

Fatfish is exposed to Bitcoin via interests through its Sweden-based subsidiary company, Abelco Investment Group AB.

These investments include crypto mining company Minerium and the digital assets platform provider Kyptos-X.

Fatfish CEO Kin Wai Lau is scheduled for an interview later this week on the InvestorStream program. He will discuss the cryptocurrency price trend and the company’s impending transaction with Abelco Investment Group via the InvestorStream program.

Over the past 12 months, the Fatfish share price has smashed more than 920% higher.

More reading

• The Cirralto (ASX:CRO) share price is hitting 52-week highs today
• Why the Fatfish (ASX:FFG) share price is up 74% today
• These 3 ASX shares invested in Bitcoin before Tesla (NASDAQ:TSL)

Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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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