Technology and growth stock prices have been rolling downhill the past couple of months, but this pair has defied the trend.
The post 2 exciting ASX tech shares that actually jumped last month appeared first on The Motley Fool Australia. –
Growth, and especially technology, ASX shares have taken a brutal beating in the past couple of months.
The S&P/ASX All Technology Index (ASX: XTX) has dipped almost 14% from its November highs.
Inflation and interest rate fears are driving down stocks that are perceived to be relying on future earnings to justify their valuations.
But a business can overcome market jitters if it is growing so rapidly that investors just cannot ignore them.
Cyan portfolio manager Dean Fergie pointed out 2 examples in a memo to clients this week.
Both ASX shares rocketed upwards during the month of December, going against market sentiment. And Fergie’s fund continues to hold both tightly:
ASX share with ‘strong positive catalysts’
Fergie has spoken many times about Playside Studios Ltd (ASX: PLY), which listed in December 2020. But he still remains a huge fan.
“It is rapidly building a strong reputation as a high-quality game developer that can develop games with its own original IP and engage in large work-for-hire contracts for significant multinational clients.”
His loyalty has been well rewarded, with the stock climbing more than 145% over the past 12 months.
“This Melbourne-based game developer continued its impressive share price run as it reached its 12-month anniversary of listed life,” he said in his memo.
“It recently raised further capital to continue its expansion and looks to have some strong positive catalysts in the months ahead.”
Playside shares closed Thursday at $1.05.
‘Excited about the future’ of this tech stock
Video technology provider BirdDog Technology Ltd (ASX: BDT) listed on the ASX only 3 weeks ago.
Against all odds, the stock has climbed since then.
“This emerging video technology company listed just prior to Christmas and, unlike many other IPOs around the time, held an 11% premium to issue price in a challenging market,” said Fergie.
BirdDog shares closed Thursday at 70 cents, up 3.70%.
Fergie is licking his lips at the potential of this Melbourne company.
“We are excited about the future of this truly scalable business as it grows from an already substantial base of revenues ($38 million in FY21) and profitability ($2.6 million EBITDA),” he said.
“It is now well funded with proven technology and an impressive management team with the ability to execute on a clear expansion strategy.”
The post 2 exciting ASX tech shares that actually jumped last month appeared first on The Motley Fool Australia.
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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.