Guess which 3 ASX All Ords shares are up 60%+ in 2024

These shares are smashing the market this year. But why?

| More on:
A woman is excited as she reads the latest rumour on her phone.

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

The All Ordinaries index has started 2024 positively and is up almost 2% year to date.

But as positive as that it is, it pales in comparison to some of the gains that have been made on the index.

For example, the three ASX All Ords shares listed below are up at least 60% since the start of the year. Here's why investors have been scrambling to buy them:

Life360 Inc (ASX: 360)

The Life360 share price is up 63% in 2024. The catalyst for this was a stronger than expected FY 2023 result and excitement over its outlook.

Life360's reported adjusted EBITDA of US$20.6 million for the year, which was well ahead of its guidance range of US$12 million to US$16 million. Looking ahead, in FY 2024, management expects adjusted EBITDA in the range of US$30 million to US$35 million. This represents 45% to 70% growth year on year. It also announced plans to expand into the advertising market.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 64% since the start of the year. Investors were fighting to get hold of the elasticity connectivity and network services interconnection provider's shares following the release of its quarterly update.

For the three months, Megaport reported total revenue of $48.6 million. This was an increase of 5% quarter on quarter and 31% year on year. This underpinned a strong turnaround in profitability while still investing in growth, with Megaport reporting positive EBITDA of $15.1 million for the quarter.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up an incredible 92% year to date. This was driven by a strong first-half performance and rumours that the buy now pay later provider could be a takeover target.

In respect to its performance, in January the company released its second quarter update and reported an 8.5% lift in transaction value over the prior corresponding period to $2.8 billion.

And thanks to an improvement in its revenue margin to 8.2%, Zip's revenue was up 26.1% to $225.6 million for the quarter. This ultimately led to the company achieving positive first-half cash EBTDA of $30.8 million, from negative $33.2 million a year earlier.

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Megaport, and Zip Co. The Motley Fool Australia has recommended 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 »