2 ASX 300 shares going gangbusters on Wednesday

It's been a fine day on the market for these ASX 300 players.

| More on:
A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Pointsbet and Kogan shares both soared 12% at one point today
  • Kogan reported three consecutive months of EBITDA growth 
  • Meantime, the ASX 300 is slightly in the red today 

The S&P/ASX 300 Index (ASX: XKO) is slipping 0.05% in late afternoon trading, but these two ASX 300 shares are outperforming the index.

Kogan.com Ltd (ASX: KGN) and Pointsbet Holdings Ltd (ASX: PBH) shares are rocketing ahead, both gaining more than 12% at their intraday highs today.

So why are these two ASX 300 shares having such a stellar run on Wednesday?

Kogan.com

Kogan shares are currently trading at $3.91 apiece, up 8.61%. Earlier in the session, they hit the $4.11 mark, 12.4% higher than yesterday's closing price.

Investors appear to be reacting positively to the company's third-quarter business update and share buyback. The company reported three consecutive months of positive earnings before interest, tax, depreciation and amortisation (EBITDA) and advised of an on-market share buyback of up to 10% of total shares. Kogan ended the quarter with $49.1 million of net cash.

Commenting on today's results, CEO and founder Rusian Kogan said he is "proud" that Kogan.com has returned to sustained underlying profitability. He added:

The journey to get here has been one of the toughest in our 17 year history, but also one of our most rewarding. It goes without saying – we are a far stronger company today than ever.

Kogan shares have descended about 20% in the last year.

Pointsbet Holdings

Pointsbet shares soared 12.7% to an intraday high of $1.595 apiece. In late afternoon trading, they've settled at $1.485 a share, or 4.95% higher. That's despite no news out of the company today.

However, as my Foolish colleague James noted today, the company is reportedly looking to sell its US operations. The United States delivered 81% in net win growth for the company in the first half of FY23. This may unlock value for shareholders. Pointsbet is due to release its FY2023 quarterly results this Friday.

News also emerged this week that New South Wales gamblers lost $.4.3 billion to poker machines in the second half of last calendar year. This may also be boosting investor sentiment for the gambling industry.

Pointsbet shares have shed almost 50% in the last 12 months.

More on Share Gainers

rising gold share price represented by a green arrow on piles of gold block
Share Gainers

Here are the top 10 ASX 200 shares today

It was a horrible way to end the trading week today for ASX investors.

Read more »

Female miner smiling at a mine site.
Share Gainers

Up 834% in a year, guess which ASX mining stock is hitting new all-time highs today

The ASX mining stock has gone from strength to strength over the past year.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Fiducian Group, Northern Star, Paradigm, and Santos shares are charging higher

These shares are avoiding the market selloff.

Read more »

Man pointing at a blue rising share price graph.
Financial Shares

How is this ASX 200 financial stock popping 6% today?

This lucky company has just swung into the green in 2024...

Read more »

a man raises his fists to the air in joyous celebration while learning some exciting good news via his computer screen in an office setting.
Share Gainers

Why BHP, Challenger, Rio Tinto, and Telix shares are pushing higher today

These ASX shares are having a strong session. But why?

Read more »

rising gold share price represented by a green arrow on piles of gold block
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 kept up the selling this Wednesday, with another day in the red.

Read more »

Green arrow going up on a stock market chart, symbolising a rising share price.
Share Gainers

Why Bank of Queensland, DroneShield, Evolution Mining, and Lynas shares are storming higher today

These ASX shares are having a very strong session on hump day.

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
Share Gainers

Here are the top 10 ASX 200 shares today

It was mayhem on the markets today, with one of the worst days in a long time for ASX shares.

Read more »