The Hub24 Ltd share price is at an all-time high

The Hub24 Ltd (ASX:HUB) share price defied the market and stormed higher again today. Here’s why it is at an all-time high…

| More on:
FinTech

Image source: Getty Images

Despite the market sinking lower, the Hub24 Ltd (ASX: HUB) share price was able to continue its march higher on Tuesday.

At one stage the superannuation-focused investment platform provider’s shares were up close to 3% to an all-time high of $7.99. This brought the year-to-date return for its shares to 52%.

Why have its shares been on a tear?

Hub24’s shares have been on a tear since April when the company reported third-quarter inflows of $565 million. This took its retail funds under administration to $4.7 billion.

Since then the funds have continued to roll in as its investment platform increases its market share thanks to a wider distribution reach.

As of its full-year results release on August 28, retail funds under administration had ballooned to $5.8 billion.

If that wasn’t impressive enough, management continues to believe that its inflows will continue to grow significantly.

According to the release, management expects continued strong funds under administration growth and aims to more than double it to over $12 billion in the next three years.

With growth of that level, it isn’t overly surprising to see its shares hit an all-time high this week.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. 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.

More on ⏸️ Investing