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Why Speedcast International Ltd’s (ASX:SDA) share price has risen 61% this year

Shares in satellite-based communication network service provider Speedcast International Ltd (ASX: SDA) are down today – dropping 0.4% to $6.14.

But Speedcast is a fish out of water on the declines, with its share price rising 61% from just $3.80 at this time last year as the company signed new deals and booked solid gains.

Its annual report showed a 136% rise in revenue, 195% rise in EBITDA and 41% rise in NPATA – proving things are certainly going in the right direction for the stock.

UBS slapped a buy on the stock back in February, and Speedcast has well exceeded its $5.80 price target from that time managing to reduce its debt while winning new contracts – a promising formula for growth.

Other emerging tech stocks doing well include Citadel Group Ltd (ASX: CGL) which is steadily increasing its client base and expanding its operations.

Altium Limited (ASX: ALU) is also a tech stock booking continued gains, with its share price up 162% from $8.43 at this time last year to $22.14 at the time of writing.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Citadel Group Ltd. 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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