Up 15% this week, what’s going on with the Pointsbet share price?

It’s been a good week to own Pointsbet shares.

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Key points

  • The Pointsbet share price is up 8% on Friday, trading at $2.90 
  • That brings its gains for this week so far to a notable 15% 
  • It's also now 35% higher than it was a fortnight ago. That was also the last time the market heard from the bookmaker 

The Pointsbet Holdings Ltd (ASX: PBH) share price has been a winner this week, gaining 15% despite no news having been released by the company.

At the time of writing, the Pointsbet share price is $2.92, 8.77% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has lifted 0.22% on Friday.

Let’s take a look at what might be going on with the ASX-listed bookmaker today.

What’s going on with the Pointsbet share price?

The Pointsbet share price is on a roll this week. It’s following up yesterday’s 10% gain with a 7.4% increase today.

At the same time, the company’s home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – is in the green for the first time this week, gaining 0.98% today.

Perhaps unsurprisingly, Pointsbet is the sector’s best performer right now.

Its stock is shadowed by that of Idp Education Ltd (ASX: IEL) and Corporate Travel Management Ltd (ASX: CTD). They’ve currently gained 3.2% and 2.2% respectively.

Today’s rise included, the Pointsbet share price is 35% higher than it was when the market last heard news from the company on 20 June.

Then, it announced SIG Sports Investment Corp had snapped up a $94.16 million stake in the company through a placement of shares, each issued at $2.43. At the time, that represented a 15% premium on Pointsbet’s previous close.

Additionally, as my Fool colleague James reported yesterday, Goldman Sachs and Bell Potter have slapped Pointsbet shares with respective price targets of $5.78 and $5.25.

That means the stock has been tipped to have an approximate upside of between 80% to 98%.

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. has positions in and has recommended Goldman Sachs, Idp Education Pty Ltd, and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Corporate Travel Management Limited and Pointsbet Holdings Ltd. 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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