What Adore Beauty, Bubs, Eagers Automotive, and Renascor shares are storming higher

These ASX shares are having strong days…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given the majority of its intraday gains back but remains slightly higher. At the time of writing, the benchmark index is up 0.2% to 6,617.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Adore Beauty Group Ltd (ASX: ABY)

The Adore Beauty share price is up 6% to $1.05. This morning the team at UBS retained its buy rating on the online beauty retailer’s shares with a reduced price target of $2.10. While the broker isn’t feeling good about the online retail sector, it believes the beauty category will be more resilient.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is up 6% to 61 cents. The catalyst for this was the infant formula company revealing that its next shipment to the United States will be going to retail giant Walmart. Investors appear hopeful that this one-off agreement will lead to something more substantial in the future when infant formula shortages end.

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up 6% to $9.35. This morning the auto retailer announced plans to buy back up to 10% of its shares on-market over the next 12 months. This represents a ~$250 million buyback based on the current Eagers Automotive share price. The company made the move in response to its positive performance in FY 2022, its strong balance sheet, and the “extreme stock market volatility in recent weeks.”

Renascor Resources Ltd (ASX: RNU)

The Renascor share price has jumped 14% to 16 cents. Investors have been buying this graphite explorer’s shares after the release of an update on its Siviour Graphite Deposit in South Australia. Recent drilling results have confirmed further continuity of widespread high-grade graphite at the deposit.

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. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited and BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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