The Altium (ASX:ALU) share price is up 20% in September

The Altium share price has been having a great run on the ASX recently.

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Monadelphous share price rio tinto A small rocket take off from a laptop, indicating a share price surge

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The Altium Limited (ASX: ALU) share price is shooting the moon this month despite the company not releasing any price-sensitive news to the market.

Shares in the software company ended August on a low note when their value plunged off the back of its FY21 earnings results. But since the start of September, the Altium share price has rocketed 20.3% higher.

At the time of writing, Altium shares are trading at $35.96, 0.25% lower than their previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen 2.6% in September so far.

However, it’s worth noting the S&P/ASX All Technology Index (ASX: XTX) has outperformed the ASX 200 this month. It has gained 0.9% over the course of September.

Let’s take a look at what’s been boosting Altium’s shares higher in September.

What’s driving Altium’s stock in September?

The Altium share price is having a grand time on the ASX this month despite the company maintaining its silence.

In fact, the last time the market heard price-sensitive news from Altium was on 30 August when it released its earnings for FY21.

Within them, Altium reported its revenue increased by 1% over FY21 compared to that of FY20. The company’s net profit after tax also increased by 80% compared to that of the prior corresponding period.

However, its earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 3%.

In the aftermath of the company’s financial year results, the value of Altium’s stock fell 14% and only ever so slightly recovered before the month ended.

Since then, the only news the market has heard from Altium was in the form of its audited non-price sensitive annual report.

It could be that the company’s recent share price gains are down to a simple market correction.

Altium share price snapshot

September’s gains have boosted the Altium share price back into the green on the ASX.

Right now, the company’s share price is 4% higher than it was at the start of 2021. It has also gained 3% since this time last year.

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Motley Fool contributor Brooke Cooper 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 Altium. The Motley Fool Australia owns shares of and has recommended Altium. 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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