Tag: Motley Fool

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has returned to form and is pushing higher. At the time of writing, the benchmark index is up 0.25% to 6,844.9 points.

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

Clover Corporation Limited (ASX: CLV)

The Clover share price is up almost 8% to $1.26. This follows the release of a bullish broker note out of UBS relating to the specialist ingredients company. According to the note, the broker has responded to Clover’s FY 2022 results by upgrading its shares to a buy rating with a $1.35 price target. It sees opportunities for the company to grow in China and through increasing omega-3 demand.

Select Harvests Limited (ASX: SHV)

The Select Harvests share price is up 13% to $5.56. Investors have been buying this almond producer’s shares following the release of a market update. Although that update revealed a softer than expected crop in 2022, it was still up year over year. Furthermore, it expects a price per pound which is better than forecast. Management also spoke about favourable market conditions and its expectation for higher crop volumes in 2023.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 5% to $8.89. A number of coal miners are charging higher today amid another rise in coal prices overnight. In addition, this morning the team at Morgan Stanley retained its overweight rating and lifted its price target on the company’s shares to a sizeable $11.20.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up almost 4% to $33.58. This follows a decent rise in oil prices overnight amid supply concerns. In addition, the release of a bullish broker note out of Citi has caught the eye of investors. In respect to the latter, this morning the broker upgraded Woodside’s shares to a buy rating with a $36.50 price target.

The post Why Clover, Select Harvests, Whitehaven Coal, and Woodside shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• How this fundie is beating the ASX 300 without fossil fuels
• Up 18% today, why this ASX 300 share is going nuts
• Why is the Woodside share price surging 4% on Thursday?
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Clover Corporation 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 Scott Phillips.

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The S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 0.056% today, but three ASX mining stocks are soaring far higher.

The Pacific Nickel Mines Ltd (ASX: PNM), Infinity Mining Ltd (ASX: IMI) and Kairos Minerals Ltd (ASX: KAI) share prices are all surging ahead.

So why are these ASX mining stocks having such a great day?

Infinity Mining

Infinity Mining shares are rising 19.51% today. However, in earlier trade, Infinity shares soared nearly 22%. The company discovered high grade rubidium with a significant mineralised zone at South Tambourah in Western Australia. Assay results revealed up to 6,489.4 parts per million of rubidium (0.724% rubidium oxide) at surface. All up, 47 samples showed more than 0.25% rubidium oxide. And 59% of samples had more than 1000 ppm of rubidium.

Commenting on the news, Infinity Mining CEO Joe Groot said:

The Tambourah South Tenement continues to bare out with consistently high-grade results for not only Lithium, but now Rubidium.

The team are totally committed to leaving no stone unturned when it comes to identifying the commercial potential for this Lithium and Rubidium mineralised system.

Pacific Nickel Mines

Pacific Nickel Mines shares are rising 16% today. However, in earlier trade, they exploded nearly 28% before retreating. The company has received a mining lease for the Kolosori Nickel Project in the Solomon Islands. The mining lease has been awarded following the company completing regulatory approvals and entering a Surface Access Rights Agreement with the landowners. Pacific Nickel will now focus on completing a Definitive Feasibility Study for the project. The company also plans to ramp up wharf and haul road construction and establish a construction camp.

Pacific Nickel CEO Geoff Hiller said, “this is a major achievement for the company”. He added:

Pacific Nickel Mines has worked closely with various departments of the Government to obtain a Mining Lease for the Kolosori Nickel Project.

Kairos Minerals

Kairos Minerals shares are soaring 21% today. Kairos is exploring gold and lithium in Western Australia. Late yesterday, Kairos responded to a price query from the ASX. The company confirmed it is complying with listing rules. Kairos highlighted its exploration work at the Mt York Project in the Pilbara, along with the Lucky Sump spodumene prospect. Kairos also noted its gold resource at the Mt York project has recently soared 26%. On 8 September, Kairos advised drilling will start at the Lucky Sump spodumene prospect in the Pilbara, WA. Spodumene pegmatite samples with up to 1.91% lithium oxide have already been discovered during earthmoving activities at the project.

The post 3 ASX mining stocks surging over 20% today appeared first on The Motley Fool Australia.

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More reading

• Amazon, Microsoft, and Alphabet have partnered with this US cloud stock. Is it a buy?
• Why has the Mesoblast share price marched 14% higher in 6 days?
• How this fundie is beating the ASX 300 without fossil fuels
• Qantas share price lifts 3% following Wednesday’s rout
• Reinvesting your Fortescue dividends? Here’s what you need to know

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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

Investors are always searching for the next game-changing company that could generate strong long-term returns. That hasn’t been easy this year because the technology sector is mired in a bear market, and sentiment toward innovative companies is broadly pessimistic, which tends to overshadow their potential.

A looming economic slowdown is the reason for the negativity, as rising inflation is pushing interest rates higher and squeezing consumers’ wallets. But some companies have been less impacted by this — particularly those that sell their products and services to other businesses. 

Snowflake (NYSE: SNOW) is one of them. Its stock is down 53% in 2022 so far, but its revenue continues to soar, which suggests this might be a great opportunity to buy. After all, Snowflake stock is owned by Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRKB), and he’s widely regarded as one of the best long-term investors in the world.

Enter the Data Cloud

Snowflake is taking advantage of the digital revolution in the corporate sector. Companies are shifting their operations online at a rapid pace using cloud technology, and they’re generating mountains of data that might seem messy and disorganized at face value, but that actually contains valuable underlying insights when it’s analyzed effectively. 

Large organizations sometimes use multiple providers of cloud services to facilitate their digital transformations, including Amazon.com, Inc.(NASDAQ: AMZN) Web Services, Microsoft Corporation (NASDAQ: MSFT) Azure, and Alphabet Inc. (NASDAQ: GOOGL)‘s Google Cloud. But that often means their data is fragmented because it’s siloed across several platforms. Snowflake has created the Data Cloud, which is designed to unify all of it for maximum visibility. 

The three aforementioned cloud providers are now all tightly integrated with Snowflake because their customers benefit from the platform. In circumstances where they need to share important data with a business partner that operates on a different cloud provider than their own, for example, Snowflake is a game changer. 

Plus, the company has built an innovative data marketplace where Snowflake customers can buy, sell, and exchange data with one another, adding a new dimension to the benefits of being inside its ecosystem.

Snowflake’s growth is soaring

In the second quarter of fiscal 2023 (ended July 31), Snowflake had 6,808 total customers. But the subset of those customers spending at least $1 million with the company more than doubled to 246 compared to the year-ago period. It highlights the rapidly growing need for Snowflake’s platform.

Snowflake’s revenue soared 83% year over year during the quarter, reaching $497 million. The strong result prompted the company to slightly increase its full-year guidance for fiscal 2023, and it now expects to generate a total of $1.915 billion in sales. 

Zooming out, the big picture shows that if it delivers on that estimate, it will have grown its revenue at a compound annual rate of 93% since fiscal 2020. 

Therefore, even in the face of an economic slowdown, Snowflake’s business continues to rapidly expand. This is further supported by the fact it has hired nearly 1,000 additional staff during the current fiscal year, while many other companies in the technology sector have been slashing their head counts.

Snowflake isn’t making money, but it doesn’t matter (yet)

Snowflake is an unprofitable company. In fact, it has lost over $388 million in the first six months of fiscal 2023. But there are three important reasons why this isn’t a problem just yet.

First, Snowflake had a very high gross profit margin of 75% in the second quarter, which affords it plenty of flexibility when it comes to fine-tuning its expenses. Once the company achieves an appropriate level of scale, it can simply trim its operating costs and potentially become profitable on the bottom line. It’s improving already — its net loss was equal to 42% of its revenue during the first six months of fiscal 2023, compared to 78% during the same period last year.

Second, Snowflake has nearly $4 billion in cash, equivalents, and short-term investments on its balance sheet, which means it has a long runway before it hits funding issues. Therefore, it’s a good move to continue spending aggressively as long as the company is growing as quickly as it is right now. 

That introduces the third point. Snowflake most recently had a ridiculously high net revenue retention rate of 171%, which means its existing customers spent 71% more with the company during the second quarter of fiscal 2023 than they did during Q2 of last year. As a result, theoretically speaking, each new customer Snowflake acquires could become 71% more valuable with each passing year, so it’s wise to spend money hand over fist to get them in the door.

It’s little wonder Snowflake has attracted an investment from Buffett’s Berkshire Hathaway. It might not be the type of stock the conglomerate typically buys, but that simply reinforces the quality of Snowflake’s business.

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

The post Amazon, Microsoft, and Alphabet have partnered with this US cloud stock. Is it a buy? appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Microsoft, and Snowflake Inc. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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The Mesoblast limited (ASX: MSB) share price has been a standout performer in recent trading sessions.

Over the last six sessions, the biotechnology company’s shares have risen a sizeable 14% to 93 cents.

That’s despite there being no news out of the company during this time.

What is driving the Mesoblast share price higher?

While it remains unclear why the Mesoblast share price has suddenly taken off, it is worth noting that there has been some significant insider buying recently.

Earlier this week, the company revealed that its newest director, Jane Bell, has been picking up shares since her appointment.

According to a change of director’s interest notice, Bell more than doubled her holding on 7 September with the purchase of 133,333 shares through an on-market trade.

The director paid an average of approximately 83 cents per share, which equates to a total consideration of $109,999.73. This increased her holding to 247,618 shares.

Insider buying is often interpreted as a bullish signal for investors as nobody knows a company better than its directors. And Bell certainly is positive on Mesoblast’s outlook.

When she was appointed as a director in August, Bell revealed that she was excited about what lies ahead for Mesoblast. She commented:

I look forward to joining the Mesoblast Board at such an exciting stage in the company’s transition to a commercial organization, with its deep cell therapy product pipeline. The potential FDA approval and launch in the US market of the first allogeneic cell therapy is an incredibly exciting opportunity for me to be involved with and I look forward to using my background and experience to make a strong contribution.

The post Why has the Mesoblast share price marched 14% higher in 6 days? appeared first on The Motley Fool Australia.

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More reading

• Looking to buy Mesoblast shares? Here’s the latest on where the ASX biotech is at with the FDA
• Mesoblast share price lifts 5% despite hefty loss
• Why has the Mesoblast share price tumbled 10% so far in August?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s hard enough to consistently beat the market, whether that be the S&P/ASX 200 Index (ASX: XJO), or the S&P/ASX 300 Index (ASX: XKO). But doing so without ASX energy shares over 2022, in particular, is a hard ask indeed.

After all, the ASX 300 has lost around 9.7% year to date. But the S&P/ASX 200 Energy Index (ASX: XEJ) has gained a whopping 34.3%.

That’s been helped by ASX energy shares like Woodside Energy Group Ltd (ASX: WDS), which is up by around 50% in 2022 thus far. Whitehaven Coal Ltd (ASX: WHC) shares have gained an extraordinary 224% or so over the same period.

The ongoing war in Ukraine, as well as rising global inflation, has pushed energy prices up to historically high levels this year, to which any motorist would be able to attest.

And yet, the Ethical Partners Australian Share Fund has managed to beat the market. And without investing in fossil fuel shares at all. As an ethical fund, this fund manager excludes any fossil fuel-producing shares from its investing universe.

That’s along with any company involved with gambling, alcohol, tobacco, uranium, weapons or predatory lending, as per the fund’s environmental, social and governance (ESG) investing framework.

According to the fund manager, the Fund’s C class units have delivered a loss of just 13.5% over the year to 31 August. That’s an outperformance of almost 4% against the ASX 300 Index.

So how has this managed fund done it?

Beating the market without ASX energy shares

Well, let’s look at what kind of shares the Ethical Partners Australian Share Fund currently holds for an idea. So Ethical Partners fund manager Nathan Parkin recently sat down for an interview with the Australian Financial Review (AFR). He named several of the fund’s winning ASX 300 shares.

The first is Graincorp Ltd (ASX: GNC). Graincorp shares are up more than 32% over the past year, and rose around 30% between January and May on the back of rising food prices. Here’s what Parkin said on the fund’s Graincorp position:

You’ve got to look in different places… There’s a shortage of energy in the world, but there’s also a shortage of wheat. It’s somewhat of a hedge. The things that are affecting oil and gas are also affecting wheat.

Qantas Airways Limited (ASX: QAN) is another company that Parkin likes. He pointed out how Qantas is “committed to reducing carbon emissions by 25 per cent by 2030 from 2019 levels”. Qantas shares have gained more than 26% over the past two months or so.

So this just goes to show that funds can deliver outperformance, even when they actively exclude what might be one of the best-performing sectors on the ASX 300 Index.

The post How this fundie is beating the ASX 300 without fossil fuels appeared first on The Motley Fool Australia.

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More reading

• Qantas share price lifts 3% following Wednesday’s rout
• Why is the Woodside share price surging 4% on Thursday?
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today
• While the Qantas share price is stalling, Rex is surging 5%. What’s happening?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Qantas Airways Limited (ASX: QAN) share price has returned to form on Thursday.

In afternoon trade, the airline operator’s shares are up 3% to $5.38.

Why are its shares lifting off?

Investors appear to have been bidding the Qantas share price higher today following the release of data from the Bureau of Infrastructure and Transport Research Economics (BITRE).

That data shows that the cheapest domestic airfares have doubled since January following another sizeable jump in September.

There have also been sizeable increases in business and restricted domestic fares according to BITRE, which all bodes well for Qantas’ margins.

Where next for its Qantas share price?

The good news for shareholders is that brokers are overwhelmingly positive on the prospects of the Qantas share price.

For example, according to a note out of Macquarie, its analysts have an outperform rating and $7.05 price target on the company’s shares. Based on the current Qantas share price, this implies potential upside of 31% for investors over the next 12 months.

The team at JP Morgan are even more positive on the airline. Earlier this week, the broker retained its overweight rating and lifted its price target to $7.40. This suggests even greater upside of 38% for investors.

JP Morgan notes that the company’s shares are trading at a sizeable discount to US airline stocks. However, it doesn’t believe this should be the case given its superior position in the domestic market.

Are there any bears?

One bearish broker that I’m aware of is Citi. Its analysts currently have a sell rating and $4.72 price target on the company’s shares. The broker has concerns over the company’s earnings targets given the current environment. It is explained:

How long will consumers remain inelastic? On an absolute level we think QAN guiding to essentially FY19 levels of EBITDA, despite the current environment, indicates the company is being managed well for shareholders. However on a relative basis, we see this as a high hurdle and the potential risk/reward skewed to the downside with the consumer potentially softening. Subsequently we retain our cautious view, and look for signs of RASK holding up through 2H23 before getting more positive.

The post Qantas share price lifts 3% following Wednesday’s rout appeared first on The Motley Fool Australia.

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More reading

• While the Qantas share price is stalling, Rex is surging 5%. What’s happening?
• What’s the growth runway for Qantas shares in the coming year?
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Fortescue Metals Group Limited (ASX: FMG)’s $1.21 per share final dividend is only weeks away from landing in shareholders’ accounts.

And the company has announced exciting news for those not interested in receiving the offering in cash.

Let’s take a look at the latest announcement from the S&P/ASX 200 Index (ASX: XJO) mining favourite.

The Fortescue share price is trading at $17.97 at the time of writing.

Reinvesting your Fortescue dividends? Read this

Fortescue has revealed the allocation price for its dividend reinvestment plan (DRP), allowing investors to receive their final dividend in the form of additional shares.

The DRP will be priced at $17.737 this time around.

That means shareholders who pledge the entirety of their promised dividends to the plan will receive one new share for every 14.65 shares they already hold.

Any remaining dividends unable to make up the value of a whole share will be retained by the company. They will then go towards the DRP with the next dividend.

The allocation price represents the average of the daily volume weighted average market price of all Fortescue shares traded on the ASX over the five sessions from 8 September.

The company declared a $1.21 per share, fully franked final dividend last month. That was 43% less than it offered shareholders at the end of financial year 2021.

The final dividend brought its full-year payout to $2.07, representing a payout ratio of 75% of its net profit after tax (NPAT) – which came in at approximately US$6.2 billion.

Fortescue shares traded ex-dividend on 5 September.

Of course, shareholders who opt into the DRP are still eligible for franking credits attached to the dividend. They will also dodge fees normally associated with increasing their stake in the company.

Fortescue will pay out its final dividend in two weeks’ time. Shares issued under the DRP are expected to go out that same day.

The post Reinvesting your Fortescue dividends? Here’s what you need to know appeared first on The Motley Fool Australia.

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More reading

• ASX 200 mining shares stage significant rebound in afternoon trading
• Rio Tinto share price slides despite new $3bn iron ore project
• Why is the Fortescue share price getting hammered on Wednesday?
• Expert predicts stock market will crash 20% lower in the next four weeks as US inflation rages out of control
• Why are ASX 200 shares tumbling like dominos on Wednesday?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a year of extremes in 2022, ranging from market turbulence to natural disasters none of us could pick.

For the Suncorp Group Ltd (ASX: SUN) share price, along with other insurers, the latter has been weighing in on pricing distribution this year to date.

What’s up with the Suncorp share price?

There’s been nothing market-sensitive out of Suncorp’s corner today, or this week.

However recent data compiled by NRMA Insurance illustrates that 26,515 claims were filed nationally in the last period.

The numbers make “it the worst winter for damage to homes and vehicles since 2016,” The Australian reports.

The higher perils and claims costs were attributed to the colossal flooding experienced earlier this year, however, other natural disasters were at fault as well.

And it doesn’t look to be letting off either.

The Bureau of Meteorology has suggested we can expect a 3rd La Nina weather pattern to remain in situ over spring and summer, says The Australian.

This is characterised by higher levels of rainfall, alongside strong winds and other wild weather, that is uncharacteristic of an Australian summer.

What this means for Suncorp looking ahead, is anyone’s guess. You can’t predict the weather, right?

Still, almost 62% of all home claims and approximately 25% of automotive claims stemmed back to wild weather last period, each up substantially year on year, NRMA said.

Following the floods of the Hawkesbury–Nepean river and mid-north coast this year, the Federal Government announced a reinsurance pool for cyclones and related flood damage in Northern Australia.

Suncorp says it will continue working with the government on this.

In the meantime, the Suncorp share price has lost more than 16% over the past year to date.

The post Why is the Suncorp share price failing to shine today? appeared first on The Motley Fool Australia.

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More reading

• Analysts name 2 quality ASX shares to buy for a retirement portfolio
• The Suncorp share price has dived 8% since ANZ’s takeover bid. What’s happening?
• Why has the Suncorp share price been struggling in August?
• Can ANZ’s latest acquisition help it catch up to the other ASX 200 bank shares?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IGO Ltd (ASX: IGO) share price is gaining ground on Thursday despite trading ex-dividend today.

At the time of writing, the shares of the battery materials producer are up 0.79% to $14.67 a share.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.55% to 6,866.3 points following yesterday’s nasty sell-off.

Let’s take a look at why IGO shares are trading higher on Thursday.

Why is the IGO share price powering up today?

As the ASX recovers from Wednesday’s $60 billion hit, the IGO share price is following suit.

This is because of the positive investor sentiment surrounding ASX lithium shares at the moment.

If you manage to scoop up some IGO shares yesterday and owned them at market open, you’ll be eligible for the company’s upcoming dividend.

IGO will pay shareholders a fully franked dividend payment of five cents per share on 30 September.

Although the final dividend is lower than H2 FY21’s 10 cents per share, the full-year dividend is the same amount as paid in FY21.

IGO did not pay an interim dividend for FY21.

Are IGO shares a buy?

Following the company’s full-year results, a couple of brokers have weighed in on the IGO share price.

As reported by ANZ Share Investing, Jefferies raised its price target by 3.2% to $16 per share.

In addition, JP Morgan had a more bullish outlook, lifting its price target by 16% to $16.30 apiece.

Based on the current share price, this implies an upside of around 8.5%.

IGO share price summary

Over the past 12 months, the IGO share price has risen by almost 50% due to momentum in commodity prices.

On the other hand, the S&P/ASX 200 Materials Index (ASX: XMJ) is flat over the same period.

IGO shares are a whisker away from their all-time high of $15.26 reached in April this year.

Based on today’s price, IGO commands a market capitalisation of approximately $11.1 billion and has a dividend yield of 0.33%.

The post Lithium mania: IGO share price lifts despite trading ex-dividend appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Hoping to dig into the next IGO dividend? Here’s what to do
• Here are the top 10 ASX 200 shares today
• IGO share price slips on JV ‘significant lithium potential’
• How do IGO shares compare to Mineral Resources following earnings season?

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 Scott Phillips.

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Yesterday’s carnage on the ASX share market seemed to finally put a stop to the relentless march of ASX lithium shares. Yesterday, we saw lithium shares like Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE) lose more than 3%. This dented the recent rise of the shares, which have seen outsized gains over the past month or so.

But today, all seems forgiven.

ASX lithium shares are once again on fire. And even that’s a slight understatement. We have seen not one, not two, but five of these shares hit all-time highs during this Thursday’s session so far.

First up is Pilbara Minerals, the arguable flagship lithium share of the ASX. Pilbara Minerals took a 3.16% hit yesterday. But today, the company has made up for that, and then some. Pilbara shares hit a new record high of $4.79 each just before midday today.

That puts the Pilbara share price up an extraordinary 48% over the past month alone. The company is currently up a healthy 4.14% at $4.78 a share at the time of writing.

But it doesn’t stop there.

More ASX lithium shares hitting record highs on Thursday

We’ve also seen a new high from Allkem. Allkem shares also took a 3.06% haircut yesterday. But again, all is forgotten today, with Allkem shares currently up 2.81% at $15.935 each. The company touched a new record high of $16.08 earlier in the session.

Some lesser-known ASX lithium shares are also riding the coattails today. Let’s look at Leo Lithium Ltd (ASX: LLL). This company was immune to yesterday’s market carnage, gaining more than 7%.

It has backed this up today with another gain worth 9.66%, putting it at 79 cents a share. This company’s new high is 81 cents though, which Leo Lithium hit this morning.

Turning to Global Lithium Resources Ltd (ASX: GL1), we have yet another lithium company at a new all-time high. This company is up an extraordinary 17.89% so far today, currently at its record high of $2.90 a share.

Our final share to check out is IRIS Metals Ltd (ASX: IR1). IRIS Metals shares are also burning hot today. This ASX lithium share is currently up by 11.57% at $2.17 each. The company’s new record high stands at $2.19 a share, which happened earlier this afternoon.

So it’s unclear what is sparking this rush into lithium today. Maybe investors are keen to get back in after getting spooked yesterday. It’s worth pointing out though that earlier this week, we looked at one ASX expert’s opinion that ASX lithium shares are the “buy now, pay later of 2022”. Perhaps that explains what is going on.

Either way, it’s quite a party for ASX lithium shares on the markets today.

The post Back baby! 5 ASX lithium shares smashing all-time highs today appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price rebounds, wiping all of Wednesday’s losses
• Why is the Global Lithium Resources share price rocketing 11% today?
• Mineral Resources share price lifts amid lithium stock buy-up
• The Vulcan share price sank 7% today in ASX sea of red
• How are ASX lithium shares faring amid Wednesday’s carnage?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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