Why A2 Milk, Altium, Megaport, and Nuix shares are racing higher today

These ASX shares are making big gains on Tuesday.

| More on:
A man clenches his fists in excitement as gold coins fall from the sky.

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

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is trading a fraction higher. At the time of writing, the benchmark index is up slightly to 7,121.8 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 5% to $4.50. Investors have been buying this beaten-down infant formula company's shares after analysts at Morgans upgraded them to an add rating with a reduced price target of $5.40. While underwhelmed with its weak FY 2024 guidance, the broker appears confident that things will be much better the year after.

Altium Limited (ASX: ALU)

The Altium share price is up 28% to $47.37. This has been driven by the release of the electronic design software company's stellar full-year results. Altium reported a 19.2% increase in revenue to US$263.3 million and a 20.3% lift in EBITDA to US$96 million. It is now guiding to revenue of US$315 million to US$325 million (20% to 23% growth) and an underlying EBITDA margin of 35% to 37% in FY 2024.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 20% to $12.49. Investors have been buying this network services company's shares after it reported a maiden operating profit for FY 2023. Megaport posted revenue growth of 40% to $153.1 million and normalised EBITDA of $20.2 million. The latter compares to a loss of $10.2 million a year earlier. Even better news is that management expects FY 2024 EBITDA growth to be between 152% and 182% year on year.

Nuix Ltd (ASX: NXL)

The Nuix share price is up over 10% to $1.68. The catalyst for this was news that this investigative analytics and intelligence software provider has resolved its $183 million legal case with its former CEO, Eddie Sheehy. Mr Sheehy's appeal will be dismissed, his share options will be cancelled, and he will make a contribution of $700,000 towards Nuix's legal costs.

Motley Fool contributor James Mickleboro has positions in Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Megaport. The Motley Fool Australia has recommended A2 Milk and Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a sobering end to the week's trading this Friday.

Read more »

Man holding Australian dollar notes, symbolising dividends.
Share Gainers

How a $9k investment in this ASX All Ords stock ballooned to $35,234 in just 3 years!

Shares in the ASX All Ords stock have rocketed even as it’s paid out market-beating dividends.

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why AIC Mines, Bendigo and Adelaide Bank, Patriot Battery Metals, and Vulcan Energy are racing higher today

These shares are ending the week in a positive fashion.

Read more »

Emotional euphoric young woman giving high five to male partner, celebrating family achievement, getting bank loan approval, or financial or investing success.
Share Gainers

Guess which ASX lithium share just leapt 13% on major financing news!

Investors are bidding up the ASX lithium share on the back of major financing news.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 was on fire today, with almost every sector surging.

Read more »

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Share Gainers

Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals shares are rising today

These shares are having stronger-than-average sessions on Thursday. But why? 

Read more »

Doctor doing a telemedicine using laptop at a medical clinic
Share Gainers

Guess which ASX healthcare stock just exploded 63% on Federal budget funding news!

Investors are bidding up the ASX healthcare stock amid extra funding in the Federal budget.

Read more »

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to the races for ASX shares this Wednesday.

Read more »