Why these ASX shares just stormed to 52-week highs or better

Here’s why Pilbara Minerals Ltd (ASX:PLS) and these ASX shares have just hit 52-week highs or better…

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High Five, happy, business

Although the share market sank lower on Wednesday, that didn’t stop a number of shares from pushing higher.

Some of those shares even managed to climb to 52-week highs or better. Three that achieved this are listed below. Here’s why they are flying high this week:

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price jumped to a new record high of $5.22 on Wednesday. Investors have been buying the baby products retailer’s shares this year after its strong growth continued despite the pandemic. In October the company released a trading update which revealed that its comparable store sales growth (to 2 October) was up 17% on the prior corresponding period. Excluding stores in the Melbourne metropolitan region, the company’s comparable store sales would have been up 28.5%. Management also revealed very strong online sales and click & collect growth.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price has jumped to a new record high of $11.61 yesterday. Investors have been scrambling to buy the furniture retailer’s shares this week after it released its guidance for the first half of FY 2021. Nick Scali revealed that demand for its furniture has been very strong and that a record result is expected in the first half. The company is guiding to a net profit of $40.5 million for the six months, which will be double what it recorded in the prior corresponding period. Management also spoke positively about the future and anticipates revenue and profit growth flowing into the second half.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price was on fire on Wednesday and surged to a 52-week high of $1.01. When the lithium miner’s shares hit that level, it meant they had more than tripled in value since this time last year. Investors have been buying the company’s shares over the last 12 months after lithium prices started to rebound due to increasing demand for the renewable battery-making ingredient. More recently, on Wednesday the company revealed that it had delivered record quarterly shipments in the December quarter. Pilbara Minerals shipped 70,609 dry metric tonnes (dmt) of spodumene concentrate to offtake partners, which was ahead of guidance.

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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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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