Why BlueBet, Orocobre, Praemium, & Sandfire shares are racing higher

These ASX shares are having a good day…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain on Wednesday. In afternoon trade, the benchmark index is up 0.2% to 7,345.9 points.

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

Bluebet Holdings Ltd (ASX: BBT)

The Bluebet share price has jumped 7% to $1.76. Investors have been buying the sports betting company’s shares after it provided an update on its US operations. According to the release, the company has signed an agreement with Dubuque Racing Association that will allow BlueBet to conduct its online sportsbook operations in the state of Iowa. Though, this remains subject to the completion of regulatory approval and licensing.

Orocobre Limited (ASX: ORE)

The Orocobre share price is up 4% to $7.40. This lithium miner’s shares were given a boost this morning from a bullish broker note out of Ord Minnett. According to the note, the broker has upgraded Orocobre’s shares to a buy rating with an $8.45 price target. The broker believes the company is well-positioned to benefit from strong lithium prices. It feels this will especially be the case if its merger with Galaxy Resources Limited (ASX: GXY) completes successfully.

Praemium Ltd (ASX: PPS)

The Praemium share price has jumped 14% to $1.11. Investors have been fighting to get hold of the investment platform provider’s shares after it announced plans to divest its international operations and released a very strong quarterly update. In respect to the latter, Praemium revealed record quarterly inflows of $1.2 billion for the fourth quarter. This took its funds under administration (FUA) to a record of $41.7 billion at the end of June.

Sandfire Resources Ltd (ASX: SFR)

The Sandfire Resources share price is up 2% to $6.83. This follows the release of an update on the copper producer’s performance during FY 2021. According to the release, Sandfire has exceeded its annual copper production guidance. The miner produced 70,845 tonnes of contained copper and 39,459 ounces of contained gold with a C1 unit operating cost of US$0.81 per pound of payable copper. This underpinned a 24% increase in sales revenue in FY 2021 to $813 million.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Praemium Limited. The Motley Fool Australia has recommended Praemium 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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