Why Appen, Austal, Experience Co, & Freedom Foods shares stormed higher today

The Appen Ltd (ASX:APX) share price and the Freedom Foods Group Ltd (ASX:FNP) share price are amongst the biggest movers on the ASX on Friday…

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The S&P/ASX 200 index is on course to finish the week on a very positive note. In afternoon trade the benchmark index is up a solid 1.4% to 6,597 points.

Four shares that are climbing more than most today are listed below. Here's why they are ending the week with a bang:

The Appen Ltd (ASX: APX) share price has bounced back from yesterday's selloff and is 4% higher to $25.30. On Thursday the global leader in the development of high quality, human-annotated training data for machine learning and artificial intelligence reported a 60% increase in revenue to $245.1 million and an 81% increase in underlying EBITDA to $46.3 million. This appears to have impressed UBS, leading to the broker upgrading its shares to a buy rating with a $30.00 price target.

The Austal Limited (ASX: ASB) share price has rocketed an impressive 12.5% higher to $4.16. This morning the shipbuilder released its full year results and revealed a massive 64% surge in net profit to $61.4 million. Pleasingly, more growth is expected in FY 2020 with management providing earnings before interest and tax guidance of at least $105 million. This will be a year on year increase of 13%.

The Experience Co Ltd (ASX: EXP) share price has zoomed 23% higher to 24 cents following the release of the adventure tourism company's full year results. Although Experience Co posted a significant loss after tax due to impairments, its EBITDA result was in line with its previous guidance. The company also advised that it will provide an update on a strategic review at its AGM in November.

The Freedom Foods Group Ltd (ASX: FNP) share price has raced 26% higher to $5.07 after delivering strong profit growth in FY 2019. Freedom Foods reported a 34.9% increase in sales to $476.2 million and a 40.9% increase in operating EBDITA to $55.2 million. This was driven largely by strong sales growth from its key Dairy & Nutritional Ingredients and Plant Based Beverages segments.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended EXPERNCECO FPO. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Freedom Foods Group Limited. 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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