Why Life360, Nitro, Reliance Worldwide, and Uniti shares are charging higher

These ASX shares are on form today…

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rising asx share price in food and consumer staples sector represented by happy face made from cut up banana

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading slightly lower. At the time of writing, the benchmark index is down to 7,441.4 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

Life360 Inc (ASX: 360)

The Life360 share price is up 6% to $10.48. Investors have been buying the mobile app maker’s shares following the release of another impressive quarterly update. During the third quarter, Life360 delivered underlying revenue growth (excluding Jiobit) of 45% year-on-year to US$29.3 million. In addition, Life360’s Annualised Monthly Revenue (AMR) (excluding Jiobit) grew 48% year on year to US$120.1 million. In light of this strong form, management upgraded its guidance for FY 2021.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is up 2% to $3.63. This follows the release of the document productivity software company’s third quarter update. Management revealed that its annual recurring revenue (ARR) was up 50% year-on-year. In addition, its transition to a software-as-a-service business model is gathering momentum. Subscription revenue now represents 68% of total revenue compared to 56% a year ago. As with Life360, this strong quarter led to management upgrading its full year guidance.

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance Worldwide share price is up 5% to $5.45. The catalyst for this appears to have been the release of a broker note out of Macquarie this morning. According to the note, the broker has upgraded the plumbing parts company’s shares to an outperform rating with a $5.95 price target. This follows the announcement of a key acquisition on Tuesday.

Uniti Group Ltd (ASX: UWL)

The Uniti share price is up 5% to $4.17. This morning the telco revealed that it will undertake a share buyback. This is despite the company’s shares trading within sight of their record high. The release notes that the buy-back will be within the 10/12 limit permitted by the Corporations Act 2001. As such, shareholder approval is not required.

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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 Life360, Inc. and Reliance Worldwide Corporation Limited. The Motley Fool Australia has recommended Nitro Software Limited, Reliance Worldwide Corporation Limited, and Uniti Group 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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