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Why the Big Un Ltd share price shot up 20%

The Big Un Ltd (ASX: BIG) share price shot up by more than 20 per cent on Wednesday as the company sought to ease concerns regarding its fluctuating share price.

Big Un shares were trading at 21 cents this time last year and are now going for around $4.10, representing an astonishing gain exceeding 1,850%.

But recently the video technology company’s share price has been all over the place.

Prior to yesterday’s strong gains, the Big Un share price copped a hammering and shed about 30 per cent over the course of a week.

On Wednesday Big Un reassured the market that all relevant information in relation to the financial performance of the company had been provided although its share price was taking dramatic turns.

Big Un stated the ongoing sustainability of its current level of operations “remains strong” and its growth trajectory is “on track”.

The tech company also stated that it remains “comfortable” with the guidance it previously provided and did not anticipate any variation to its recent announcements.

On Monday, Big Un provided an update on operational and sales activities following its US expansion in Austin and Los Angeles.

Big Un stated that this quarter over 800 US customers had been on-boarded to date.

“Following the establishment of two sales centres with a total of 29 seats, Big anticipate on-boarding a further 600 US customers by the end of the quarter resulting in 1,400 signed agreements by 31st December 2017,” the company stated.

Big Un, with a market value that is now close to $500 million, also provided its market guidance this month for the second quarter (Q2) of financial year (FY) 2018.

Big Un expects to achieve cash receipts from customers in excess of $20 million for Q2 FY 2018, an increase of 398 per cent from Q2 FY 2017.

Other ASX tech companies that saw their share prices surge on Wednesday include Funtastic Limited (ASX: FUN), which gained more than 12 per cent, and Integral Diagnostics Ltd (ASX: IDX).

The Integral Diagnostics share price gained more than 20 per cent amid news of a potential takeover by Captiol Health Ltd (ASX: CAJ).

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Motley Fool contributor Sholland has no position in any of the 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.

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