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?
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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.
