With the Australian share market in such positive form, it will come as no surprise to learn that a number of shares have been pushing higher.
Some of these shares have been pushing so hard they have reached 52-week highs or better. Here’s why these shares are on fire right now:
Aristocrat Leisure Limited (ASX: ALL)
The Aristocrat share price was on form and climbed to a 52-week high of $35.95 on Wednesday. Investors have been buying this gaming technology company’s shares on the belief that it is well-placed for growth over the medium term once the pandemic passes. This is due to its industry-leading poker machines and its growing digital business. Also giving its shares a lift was its analyst briefing last week which saw management speak very positively about its recovery from the pandemic. It revealed a stronger than expected recovery and market share gains.
EML Payments Ltd (ASX: EML)
The EML share price surged to a record high of $5.80 yesterday. The catalyst for this was the announcement of the acquisition of Sentenial Limited for up to 110 million euros (~A$170.7 million). Sentenial is a leading European Open Banking and Account-to-Account (A2A) payments provider, utilising a cloud-native, API-first, full stack enterprise grade payment platform. Management sees the acquisition as an opportunity to deepen customer relationships, enter new industry verticals, and diversify its revenue streams.
Life360 Inc (ASX: 360)
The Life360 share price hit a 52-week high of $4.99 on Wednesday. Investors have been buying the family social networking app provider’s shares since the release of a strong full year result in February. For the 12 months ended 31 December, Life360 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 Life360 app had 26.5 million monthly active users, which was close to its pre-COVID high of 27.2 million. Also giving the Life360 share price a boost this year has been the appointment of Randi Zuckerberg as an independent non-executive director. She is the sister of Facebook founder Mark Zuckerberg.
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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 and recommends EML Payments. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Life360, Inc. The Motley Fool Australia has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.