Why Airtasker, Appen, Downer, & Kogan shares are charging higher

Airtasker Ltd (ASX:ART) and Kogan.com Ltd (ASX:KGN) are two of four ASX shares charging notably higher on Wednesday…

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rising asx share price in food and consumer staples sector represented by happy face made from cut up banana

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. The benchmark index is currently up 0.5% to 7,068.7 points.

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

Airtasker Ltd (ASX: ART)

The Airtasker share price has jumped 8% to $1.38 following the release of its third quarter update. According to the release, the company’s performance was ahead of expectations and prospectus assumptions during the quarter. As a result, management is confident that it will exceed its prospectus forecasts and has upgraded its FY 2021 gross marketplace volume (GMV) and revenue forecasts accordingly.

Appen Ltd (ASX: APX)

The Appen share price is up almost 4% to $15.73. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has upgraded Appen’s shares to a neutral rating with a price target of $16.00. Its analysts made the move on valuation grounds following a sharp decline over the last three months.

Downer EDI Limited (ASX: DOW)

The Downer share price is up 5.5% to $5.62. Investors have been buying the services company’s shares following the announcement of a major share buyback plan. This follows the sale of Mining and Laundry assets that will deliver total proceeds of $605 million. Downer advised that it will conduct an on-market buy-back of up to 70.1 million shares. This represents roughly 10% of the company’s outstanding shares.

Kogan.com Ltd (ASX: KGN)

The Kogan share price has jumped 9% to $11.00. This follows the release of a response to an ASX query this morning. That query requested that the ecommerce company provide greater detail on its recently released third quarter update. Judging by the share price reaction, some investors appear to believe Kogan’s update wasn’t as bad as first feared now that more details have been given.

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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 Appen Ltd and Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. 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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