Despite the S&P/ASX 200 Index (ASX: XJO) pushing above 7,100 this week, darling ASX growth stocks such as Afterpay Ltd (ASX: APT) and CSL Ltd (ASX: CSL) have struggled to capitalise on move up.
While these classic ASX growth stocks are moving sideways, here are some potential new names that are surging this week.
ASX growth stocks surging this week
Alcidion Group Ltd (ASX: ALC)
The Alcidion share price jumped to highs of 41 cents on 16 April, a day after its $15.4 million capital raising at 32 cents.
Shares in the software company were likely pushing higher on the back of separate statements coinciding with the capital raising. These included a patient flow management software acquisition and a $21 million contract with the Australian Department of Defence. However, in the next few weeks, its shares eased back to lows of 35.5 cents, possibly dragged down by the discount given to capital raising participants.
This week, the Alcidion share price has surged more than 25% into record territory. Its biggest move came on Thursday where its shares closed 10% higher from 41 cents to 45 cents. Its Thursday trading session was backed by a significant volume of approximately 6.5 million shares, compared to its 10-day average volume of approximately 1.55 million.
Praemium Ltd (ASX: PPS)
Praemium is another ASX growth stock that's making headway this week. The company provides fully integrated account management platforms for financial institutions and individual investors.
Its shares experienced a very volatile session last Friday following the departure of its CEO and board member, Michael Ohanessian. Praemium shares dipped 12% lower to 68 cents within the first 15 minutes of market open, before a V-shaped recovery to break even at 11am. By market close, its shares were trading 6% higher at 52-week highs of 82.5 cents. Wild.
The Praemium share price carried its momentum over to this week, marking 5 straight days of green. Its shares have added another 15% since last Friday, reaching a multi-year high of 96.5 cents today.
People Infrastructure Ltd (ASX: PPE)
People Infrastructure provides contracted staffing and human resources outsourcing services to a range of key industries including healthcare, mining, construction, technology and industrial.
The Australian economy has rebounded strongly, even with the end of jobkeeper wage subsidies. This month, the Australian Bureau of Statistics (ABS) reported that the unemployment rate had decreased to 5.5%. According to the ABC, Seek Ltd (ASX: SEK) said that it just recorded its second consecutive record month of job ads. The record numbers of jobs advertised could be a tailwind driving the People Infrastructure business.
The People Infrastructure share price pushed as high as 11% higher to $4.77, a new all-time record high for the company. Its shares have since slightly pulled back to $4.62 at the time of writing.
