Why Flight Centre, Life360, Nanosonics, & Universal Store are racing higher

Flight Centre Travel Group Ltd (ASX:FLT) and Life360 Inc (ASX:360) are two of four ASX shares racing notably higher on Thursday…

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A fit man flexes his muscles, indicating a positive share price movement on the ASX market

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s decline. At the time of writing, the benchmark index is up 0.95% to 6,843.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 8.5% to $17.74. This follows the release of the travel agent giant’s half year results this morning. For the six months ended 31 December, total group revenue came in at $160 million. This was down materially from the $1,546 million it achieved at the same time last year. This led to Flight Centre recording an underlying loss of $247 million for the half. Positively, despite this decline, at the end of the period the company had a cash balance of $1,670 million.

Life360 Inc (ASX: 360)

The Life360 share price is up a massive 21% to $4.80. Investors have been buying the family social networking app provider’s shares after it reported a 39% year-on-year increase in normalised revenue to US$81.6 million. This was at the upper end of its guidance range of US$79 million to US$82 million. At the end of the period, the app recorded 26.5 million monthly active users. This was near pre-COVID levels of 27.2 million.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price has jumped 10% to $6.11. The catalyst for this appears to be the release of a broker note out of Morgans this morning. According to the note, the broker has upgraded the infection prevention company’s shares to an add rating with a $6.69 price target. It made the move largely on valuation grounds after a recent decline in its share price.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price has surged 10% higher to $6.69. This has been driven by the release of an impressive half year result this morning. For the six months ended 31 December, Universal Store reported a 23.3% increase in sales to $118 million and a 63.6% increase in underlying net profit after tax to $21.1 million.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Nanosonics Limited. 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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