Why BrainChip, Harvey Norman, HUB24, and Lake Resources shares are pushing higher

These ASX shares are on form on Wednesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is tumbling lower. At the time of writing, the benchmark index is down 0.65% to 7,361.1 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price is up 7% to $1.99. This morning the artificial intelligence technology company announced that it has been granted a new patent. The patent protects BrainChip’s neuromorphic processor configured to perform convolutions on digital input data that has been converted into spikes.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is up 4% to $5.25. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has upgraded the retailer’s shares to an outperform rating with a $5.62 price target. Credit Suisse made the move in response to some positive industry updates.

HUB24 Ltd (ASX: HUB)

The HUB24 share price is up 2.5% to $27.49. This follows the release of its second quarter update. According to the release, HUB24 achieved record second quarter platform net inflows of $3.6 billion. This led to an increase in its total funds under administration (FUA) to $68.3 billion, which is up 118% compared to the prior corresponding period. HUB24’s strong quarter was driven by a combination of organic growth and flows from the Xplore acquisition.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up 3% to 98 cents. Investors have been buying the lithium developer’s shares following the release of an update on its Kachi Lithium Project in Argentina. According to the release, Lake has increased its base case production plans to 50,000 tonnes per annum of lithium carbonate. This is almost double its previous plans.

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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 and has recommended Hub24 Ltd. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Hub24 Ltd. 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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