It has been a strong day on the ASX for a number of ASX tech shares, with some impressive share price gains. Australia’s ASX tech sector has grown rapidly over the past five years.
Let’s take a closer look at 4 ASX tech shares that have seen particularly strong share price rises today.
Nearmap Ltd (ASX: NEA)
Australian aerial imagery and location data company Nearmap has seen an 11.2% peak in its share price so far today. This ASX tech share released its full year FY 2020 results 5 days ago. Despite reporting solid statutory revenue growth of 25% to $96.7 million, Nearmap’s share price fell by 11.6% on the day. Investors appear to have had a change of heart today, after having more time to fully absorb all the details of the release. Nearmap believes it is well-placed for strong growth during FY 2021. The ASX tech share is trading 11% higher at $2.98 at the time of writing.
Megaport Ltd (ASX: MP1)
The Megaport share price is up by 6.6% today. This follows a string of consecutive positive trading days since August 13. Since that time, the Megaport share price has risen from $12.89 to now be trading at $16.89. A key reason for this strong share price rise, has been a very impressive FY 2020 result. The ‘network-as-a-service’ provider reported total revenues of $58.0 million. This was a 66% rise over the prior year. Megaport is now feeling more confident that it can achieve EBITDA breakeven in the near future.
Zip Co Ltd (ASX: Z1P)
The Zip Co share price is up by 12.4% in trading so far today, following a trading update regarding buy now, pay later (BNPL) provider QuadPay. Zip Co has entered into an agreement to purchase the remaining shares in New York based QuadPay subject to shareholder approval in late August. The announcement today on QuadPay showed it had displayed impressive growth during July. In addition, new key strategic partnerships and merchant agreements have been recently signed. This positive news has obviously been taken very well by investors, with the Zip Co share price having another strong day today.
Sezzle Inc (ASX: SZL)
Another BNPL provider that has seen its share price soar higher today is Sezzle.
This ASX tech share focuses on the North American market, although it was listed on the ASX in mid-2019. The company seen significant growth in the United States over the past year. The BNPL provider recently announced the successful completion of its oversubscribed share purchase plan.
The Sezzle share price has been on fire since late March. It has risen from $0.37 back then, and with today’s share price rise of 9.5%, it is now be trading $8.76.
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Phil Harpur owns shares of MEGAPORT FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia has recommended MEGAPORT FPO, Nearmap Ltd., and Sezzle Inc. 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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