Why Nearmap, PolyNovo, Select Harvests, & Youfoodz shares are storming higher

These ASX shares are in fine form on Tuesday…

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In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.5% to 7,368.5 points.

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

Nearmap Ltd (ASX: NEA)

The Nearmap share price has jumped 15% to $2.28. Investors have been buying the aerial imagery technology and location data company’s shares after it provided an update on its performance in FY 2021. According to the release, Nearmap expects its annual contract value (ACV) to finish at $133.8 million on a constant currency basis for FY 2021. This will be a 26% year on year increase and ahead of its previously upgraded guidance of $128 million to $132 million. This strong growth was underpinned by a record performance in the United States.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 3% to $2.45. This follows the release of a sales update this morning which revealed strong growth in the fourth quarter of FY 2021. For the three months ended 30 June, US Biodegradable Temporizing Matrix (BTM) revenue came in at a record of US$4.9 million. This led to PolyNovo’s US BTM revenue increasing 49% in US dollars for FY 2021. Management also spoke very positively about its prospects in FY 2022.

Select Harvests Limited (ASX: SHV)

The Select Harvests share price has stormed 15.5% higher to $7.50. This morning the almond producer revealed that it expects its crop volume for the 2021 harvest to be 28,250 million tonnes. That represents a 22% increase on the 23,250 million tonnes harvested in 2020. The company also revealed that growing almond demand has supported strong prices.

Youfoodz Holdings Ltd (ASX: YFZ)

The Youfoodz share price is rocketing 78% higher to 90.7 cents. Investors have been fighting to buy the ready-made meals company’s shares after it received a takeover approach from meal kit delivery company HelloFresh. HelloFresh has offered 93 cents cash per share, which the board is recommending shareholders accept. While this is an 82% premium to its last close price, it is a 38% discount to Youfoodz’ December IPO listing price of $1.50.

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Motley Fool contributor 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 has recommended Nearmap Ltd. and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Nearmap 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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