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.