Unfortunately for investors there is a sea of red again on the Australian share market on Tuesday.
The good news is that not all shares have sunk lower. Three small caps that have caught the eye with notably strong gains today are listed below. Here's why they are on the rise:
The Baby Bunting Group Ltd (ASX: BBN) share price is up almost 3% to $2.56 following the release of a positive broker note out of Morgans on Monday. According to the note, the broker has retained its add rating on Baby Bunting's shares and lifted the price target on them to $2.78. Morgans believes that the clearance activities caused by industry consolidation have eased, putting the retailer in a position to return to growth. Furthermore, Morgans believes that the loss of four of its largest competitors means the company could grow its market share from 12.6% to 20% in the coming years. I would agree that its shares are a buy.
The Brainchip Holdings Ltd (ASX: BRN) share price has jumped over 7% to 14 cents after the neuromorphic computing company announced the achievement of Milestone 4, which is the final milestone required for vesting of management incentives approved by shareholders at the time of its listing on the ASX. The milestone required execution of an unconditional binding licensing agreement that has an upfront payment of no less than AU$500,000. This was achieved when Brainchip received a US$500,000 payment from Nasdaq-listed Gaming Partners International for a license to its technology.
The iCar Asia Ltd (ASX: ICQ) share price has zoomed 4.5% higher to 23 cents following the release of the car listings company's quarterly results. According to the release, iCar Asia's unaudited third quarter revenue grew 51% on the prior corresponding period to $3 million. Pleasingly, the company's Malaysian operations became EBITDA and cash flow positive in September. Management expects its Thailand operations to achieve the same milestone by the end of the year. The strong revenue growth was driven by a 20% increase in its audience to approximately 12 million unique visitors.
