Why NEXTDC and these high flying ASX shares just hit record highs

Here’s why NEXTDC Ltd (ASX:NXT) and these high flying ASX shares have just charged to new record highs…

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Although the S&P/ASX 200 Index (ASX: XJO) took a tumble on Monday, it wasn’t enough to stop some shares from charging to new record highs.

Three ASX shares that achieved this feat are listed below. Here’s why they are flying high:

Marley Spoon AG (ASX: MMM)

The Marley Spoon share price hit a new record high of $1.89 on Monday. The meal kit delivery company’s shares have been on fire during the pandemic after lockdowns led to a surge in demand. This strong demand resulted in Marley Spoon reporting revenue of 42.8 million euros in the first quarter of FY 2020. This was an impressive 46% increase on the prior corresponding period. Pleasingly, as a result of this better than expected performance, management advised that it will soon become profitable. It expects to achieve positive operating EBITDA during the second quarter.

NEXTDC Ltd (ASX: NXT)

The NEXTDC share price was pushing higher again yesterday and reached a new record high of $11.24. Investors have been buying the data centre operator’s shares this year after the pandemic accelerated the shift to the cloud and ultimately demand for capacity in its centres. This continued last week with NEXTDC announcing major new contract wins in New South Wales. These new wins have lifted the contracted commitments at its New South Wales data centre facilities by approximately 4MW to more than 36MW. However, if you include contracted expansion options, its data centres in the state are now approaching 60MW. This is more than the total capacity of its S1 and S2 data centres. It will also eat into the S3 data centre’s capacity once that is constructed.

Objective Corporation Limited (ASX: OCL)

The Objective Corporation share price continued its impressive run and hit a record high of $9.49 on Monday. This latest gain means the software company’s shares have now rebounded 240% from their March lows. Investors appear confident the software company’s services will be in demand following the pandemic and have been snapping up shares. Objective has a suite of software that enables secure file sharing, helps government agencies respond to information requests, streamlines and improves processes, and strengthens corporate governance practices. Earlier this month it announced the acquisition of Itree for $18.5 million. Itree is a government regtech solution specialist.

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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Objective Limited. 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.

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