These 3 small cap ASX shares are racing higher on Thursday

The market may have dropped lower today but not all shares have been dragged into the red.

Three small cap shares that have caught the eye with solid gains on Thursday are listed below. Here’s why they are racing higher:

The Credible Labs Inc CDI (ASX: CRD) share price has jumped 6% to $1.01 following the release of the U.S. consumer finance marketplace operator’s latest quarterly update. In the third quarter Credible Labs grew its quarterly Closed Loan Volume to an all-time high of US$355 million. This was a 56% increase on the prior corresponding period and an 89% lift on the previous quarter. During the quarter the company’s user accounts reached a cumulative total of 1,086,000, compared to 910,000 at the end of June.

The Jatenergy Ltd (ASX: JAT) share price has rocketed 21% higher to 7.5 cents. The infant formula company’s shares have been on fire this week after the release of its quarterly update. That update revealed a sudden and major uptick in its performance during the last quarter. Jatenergy saw its cash receipts from sales increase from $320,000 in the June quarter to a massive $10.7 million in the September quarter. Though it is worth noting that product manufacturing and operating costs rocketed to $15.4 million during the quarter, leading to a net operating outflow of $5.5 million. This leaves Jatenergy with little cash in its bank account, which could mean a capital raising will be necessary in the near future.

The Zip Co Ltd (ASX: Z1P) share price has rebounded from yesterday’s heavy selloff with a 3% gain to 95.5 cents. Yesterday its shares were hammered after the likelihood of a Senate inquiry into payday lending, debt collection, and buy now pay later platforms increased. This morning Zip responded to the media reports by stressing that its business model does not rely on late payment fees or customers not being able to afford their repayments to drive revenue. It also emphasised that there are no hidden fees and all consumer costs are transparent, upfront, and clear. As such, management “believes it is very well placed to satisfy any potential increased regulation with little or no disruption to business.”

ASX Tech Share – Real Winner from the World Cup

Earlier this year, millions of Australians set alarms and watched the world's biggest sporting event, the World Cup, play out. But did you know there was another Australian representative quietly succeeding as the world watched?

It's the start-up who have positioned themselves as the global leader in sports analytics. Motley Fool's resident tech expert has already upgraded the recommendation of this company's stock to a rating of simply "Buy More".

Click here to access this share. It's completely FREE!

Motley Fool contributor James Mickleboro 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 Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.