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These ASX shares have doubled in value in 12 months

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have fallen around 2% since this time last year, but that hasn’t stopped a number of shares from posting sizeable gains.

Three shares which have more than doubled during this time are listed below. Here’s why they have been on fire:

The Afterpay Touch Group Ltd (ASX: APT) share price has rocketed 138% higher over the last 12 months. Investors have been fighting to get hold of the fintech company’s shares thanks to the success of its Afterpay buy now, pay later platform. As of its last update, Afterpay had achieved annualised sales of $2 billion through its platform as the service grows in popularity with both consumers and retailers. While there are a lot of questions over how it will fare when rates and bad debts rise, I think Afterpay could be a good buy and hold investment.

The Pushpay Holdings Ltd (ASX: PPH) share price is up 143% over the last 12 months. Like Afterpay, Pushpay has achieved strong growth its annualised sales. According to its latest update, annualised committed monthly revenue (ACMR) reached US$106.4 million as of December 31. This represented growth of 83.8% on the prior corresponding period and was driven largely by a solid increase in customer numbers in the U.S. church market and average revenue per customer. I think Pushpay is a quality tech share that could be a great investment today despite this strong share price gain.

The Redbubble Ltd (ASX: RBL) share price has climbed 173% since this time last year. Investors appear to have been impressed with the way the ecommerce company has been growing its top line at a strong pace. In the first-half of FY 2018 Redbubble reported revenue of $102.3 million, up 30% on the prior corresponding period. As a result of this strong first-half, management is confident that the company is on track to achieve its revenue and EBITDA growth guidance for FY 2018.

Looking for the next shares to rocket higher? My money is on these top mid cap stars.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO, PUSHPAY FPO NZX, and REDBUBBLE FPO. 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.

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