Why the GetSwift Ltd share price jumped 8% today

The GetSwift Ltd (ASX: GSW) share price has been amongst the biggest movers on the market today.

In morning trade the fast-growing logistics management platform provider’s shares are up 8% to 92 cents.

Incredibly, this latest gain means that GetSwift’s shares have gained over 200% since the turn of the year.

Why are its shares higher today?

This morning the company announced that just five months after reaching one million deliveries, GetSwift has now exceeded two million deliveries through its platform.

Previously it took the company 17 months to reach its first one million deliveries.

Management believes that this result reinforces the companies predictive modelling and continued strategy. Pleasingly it continues to see unabated growth across multiple sectors and is poised to increase its harvest rates.

Judging by this and the number of new users on the platform, I would expect to see the next million deliveries take an even shorter period of time.

After all, in the last few months the company has signed agreements with companies including Pizza Hut, Red Rooster, Lion Nathan, Commonwealth Bank of Australia (ASX: CBA), and Hungry Harvest.

These companies appear to have been very impressed with the company’s technology. According to recent data, its usage has resulted in a 28% reduction in missed deliveries, a 31% increase in repeat orders, a 26% increase in delivery times, and an average of 29 hours saved in monthly dispatching and routing decisions.

Should you invest?

Despite it meteoric rise this year, I still think GetSwift would be a great buy and hold investment. Especially after its recent oversubscribed $24 million placement.

The company intends to use these funds to accelerate its growth and expand into other lucrative verticals. In my opinion this makes it a great time to get on board.

Finally, if you are looking for even more exciting growth shares to invest in then look no further than these hot stocks.

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Motley Fool contributor James Mickleboro owns shares of GetSwift Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.

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