Why Megaport, Ramelius, Webjet, & Zip Co shares raced higher today

The Megaport Ltd (ASX:MP1) share price and the Zip Co Ltd (ASX:Z1P) share price are two of four racing higher on Wednesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade on Wednesday the S&P/ASX 200 index has followed the lead of U.S. markets and pushed notably higher. At the time of writing the benchmark index is up 0.7% to 6,772.8 points.

Four shares that are climbing more than most today are listed below. Here's why they have raced higher:

The Megaport Ltd (ASX: MP1) share price is up 3% to $7.61. Investors have been fighting to get hold of the elasticity connectivity and network services company's shares this week following a strong fourth quarter update. Megaport reported a 22% increase in total revenue for the fourth quarter and a 78% increase for the full year. One broker that was impressed was UBS. This morning it retained its buy rating and lifted the price target on its shares by ~38% to $8.65.

The Ramelius Resources Limited (ASX: RMS) share price has raced 9.5% higher to 92 cents after the gold miner released an exploration update. According to the release, Ramelius has achieved highly encouraging deeper exploration results. Significant high grade gold mineralisation has been returned from deeper exploratory underground diamond drilling below the current mine plan at its Vivien site.

The Webjet Limited (ASX: WEB) share price has charged 3% higher to $13.72. This morning the online travel agent was the subject of a broker note out of Ord Minnett. Although the broker has trimmed its price target on the company's shares, this price target is still significantly higher than where its shares trade today. Ord Minnett has a buy rating and $19.32 price target on Webjet's shares.

The Zip Co Ltd (ASX: Z1P) share price has zoomed 8% higher to $3.43 following the release of its fourth quarter update. According to the release, the buy now pay later company finished the year strongly. It grew revenue by 17% quarter on quarter to $27 million. This strong finish meant the company exceeded all financial targets set at the beginning of FY 2019. One major highlight was that transaction value more than doubled to $1.1 billion, compared to its target of $1 billion.

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 MEGAPORT FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »