Weebit Nano (ASX:WBT) share price jumps 7% on update

Shares in the data memory tech group have gone bananas again…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Weebit Nano Ltd (ASX: WBT) share price is on fire today. Shares in the data memory technology business have surged 7.5% higher on Thursday after an ASX update.

Happy child jumping for joy.

Image source: Getty Images

Why has the Weebit Nano share price surged?

Interestingly, shares in the tech group are up despite no real news. This morning's ASX announcement was that the company would release its fourth quarter (Q4 FY2021) business update tomorrow.

The semiconductor memory technology developer will release its quarterly activities and Appendix 4C report tomorrow. That means there was no real information to be gleaned from today's update, but some investors appear to be expecting good news.

One other piece of news that may explain today's surge is an update from Crossbar Inc. Crossbar is a California-based company that also focuses on applications of ReRAM technology.

CrossBar yesterday announced a new ReRAM Application for hardware security and secure computing. Given Weebit Nano's focus on the technology, a new rumoured application could be enough to move the company's share price.

The Weebit Nano share price shot higher on the back of the announcement, climbing 7.5% at the time of writing. Tomorrow's update is much anticipated given Weebit Nano's recent success.

Shares in the Aussie tech group surged higher in early July. That followed a June 25 announcement where the company confirmed it had successfully demonstrated the integration of a selector with a ReRAM cell, for the standalone memory market.

Interestingly, the company's share price is actually down 46% in the last 6 months. However, momentum appears to be gaining given that the company's value has soared 30.1% in the last month.

More on Weebit Nano

The Aussie tech company, founded in 2010, focuses heavily on developing next-generation memory technology. Its primary activity is on commercialising its ReRAM silicon oxide technology – which is why recent breakthroughs have translated to large share price moves.

Weebit Nano's market capitalisation sits at $262 million but was nearly double that amount as recently as January.

Foolish takeaway

Based on today's moves, the Weebit Nano share price will be one to watch. Whether it's a new potential application of technology or anticipation of a strong business update, Weebit Nano is one to watch on Friday.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Three men stand on a winner's podium with medals around their necks and their hands raised in triumph.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a lukewarm but positive start to the trading week today.

Read more »

Concept image of a businessman riding a bull on an upwards arrow.
Healthcare Shares

How CSL shares skyrocketed 39% in August

Investors sent CSL shares rocketing 39% in August. But why?

Read more »

Hands reaching high for a trophy with a sunset in the background.
Share Gainers

The 5 best ASX 200 stocks to buy and hold in August revealed

Investors sent these five ASX 200 stocks rocketing 35% to 44% in August. But why?

Read more »

Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bleak start to the week this Monday.

Read more »

An old-fashioned panel of judges each holding a card with the number 10
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy end to the week for investors this Friday.

Read more »

Man rocketing in the sky.
Share Gainers

3 ASX 200 stocks, including Paladin Energy, storming higher on earnings results this week

Investors sent Paladin Energy shares and these two popular ASX 200 stocks soaring following strong earnings results.

Read more »

Three rock climbers hang precariously off a steep cliff face, each connected to the other with the higher person holding on and the two below them connected by their arms and rope but not making contact with the cliff face.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rather nasty Thursday session for investors.

Read more »

Three women athletes lie flat on a running track as though they have had a long hard race where they have fought hard but lost the event.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing showing from the market this hump day.

Read more »