Although the market is only marginally higher today, a good number of shares have pushed higher and reached 52-week highs.
Two fast-growing tech shares that were on the move today are listed below. Here's why they have raced to record highs:
The ELMO Software Ltd (ASX: ELO) share price climbed to a record high of $4.32 on Thursday. This meant that the cloud-based talent management software solutions company's shares have rallied an impressive 116% since listing on the Australian share market at $2.00 per share in June.
Investors have been fighting to get hold of ELMO's shares due to its strong performance in FY 2017. Pro forma full-year revenue came in at $17 million, up 26% year-on-year and 4% ahead of its prospectus forecast. Pro forma EBITDA was even stronger at $1.2 million, a massive 42% ahead of its forecasts. Management has provided very bullish guidance for FY 2018, making it well worth taking a closer look today.
Although the LiveHire Ltd (ASX: LVH) share price has faded as the day goes on, at one stage the talent technology company's shares were up 3.5% to a record high of $1.43. Investors continue to believe that LiveHire has a bright future in the recruitment industry.
LiveHire's platform has been growing in popularity due to the efficiencies it offers users. The platform allows its users to create a pool of pre-qualified job candidates that they can access when they need to recruit, saving recruiters both time and money. Management estimates that the global market is worth $20 billion per annum. I think it'll be one to watch this year, but may need to start generating revenues that justify its market valuation.